Bulls Dominate Stocks Trade With N609bn Gain

The Nigerian stock market opened the week on a bullish note on Monday, with the overall capitalisation advancing by N609 billion.

The All-Share Index gained by 946.27 per cent, representing a growth of 0.44 per cent to close at 218,113.84 points. Similarly, the overall market capitalisation value rose by N609 billion to close at N140.436 trillion.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Aradel Holdings, Nigerian Aviation Handling Company (NAHCO), Vitafoam Nigeria, Unilever Nigeria and Lafarge Africa.

Market breadth was positive, as 36 advancers outpaced 34 decliners. NAHCO and Union Dicon Salt recorded the highest price gain of 10 per cent each to close at N242.00 and N18.15 respectively, while Fidelity Bank followed with a gain of 9.98 per cent to close at N22.05, per share.

Trans-Nationwide Express rose by 9.92 per cent to close at N6.65, while Access Holdings appreciated by 9.87 per cent to close at N32.85, per share.

On the other hand, Stanbic IBTC Holdings and LivingTrust Mortgage Bank led the losers’ chart by 10 per cent each to close at N169.70 and N4.10 respectively, while Transcorp Power followed with a decline of 9.97 per cent to close at N272.70, per share.

Abbey Mortgage Bank lost 9.88 per cent to close at N7.30, while Guinea Insurance declined by 8.80 per cent to close at N1.14, per share.

Trading activity was mixed, as trade volume and turnover declined 21.79 per cent and 6.59 per cent to 983.95 million shares and N50.77 billion respectively, while deal count surged 34.23 per cent to 76,410 transactions.

On market outlook, Cowry Assets Management Limited said, “heading into Tuesday’s session, the market is expected to sustain its bullish bias as investors continue to position ahead of anticipated full year dividend payments, which typically drive accumulation activity around this period.”