Nigerian equities, yesterday opened the week strong as the market capitalisation gained N139 billion, the fifth consecutive session of gain.
Precisely, the All-Share Index inched higher by 257.24 absolute points, representing an increase of 0.50 per cent to close at 51,962.85 points. While the overall market capitalisation value gained N139 billion to close at N28.014 trillion.
The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Okomu Oil, MTN Nigeria Communications (MTNN), Stanbic IBTC Holdings, Ecobank Transnational Incorporated (ETI) and FBN Holdings (FBNH).
This week, United Capital Plc expected the bargain hunting that trailed the market rebound from last week to be extended into this week as investors look forward to the first half (H1), 2022 earnings season.
Market sentiment, as measured by market breadth closed positive as 18 stocks gained, relative to 16 decliners. ETI recorded the highest price gain of 9.79 per cent to close at N10.65, per share.
John Holt followed with a gain 9.52 per cent to close at 69 kobo, while Linkage Assurance appreciated by 9.43 per cent to close at 58 kobo, per share.Okomu Oil rose by 8.53 per cent to close at N210.00, while Cornerstone Insurance appreciated by 6.45 per cent to close at 66 kobo.15, per share. On the other hand, PZ Cussons Nigeria led the losers’ chart by 10 per cent to close at N11.25, per share. Eterna followed with a decline of 9.33 per cent to close at N6.80, while R.T. Briscoe Nigeria depreciated by 6.25 per cent to close at 45 kobo, per share.
Ardova declined by 5.09 per cent to close at N13.05, while Nigerian Breweries depreciated by 3.42 per cent to close at N57.95, per share.
Meanwhile, the total volume of trades rose by 70.75 per cent to 266.514 million units, valued at N2.602 billion, and exchanged in 5,050 deals. Transactions in the shares of LivingTrust Mortgage Bank topped the activity chart with 64.658 million shares valued at N77.590 million.
Transnational Corporation of Nigeria (Transcorp) followed with 31.799 million shares worth N39.662 million, while Access Holdings traded 29.268 million shares valued at N275.165 million.
Oando traded 27.725 million shares valued at N162.414 million, while United Bank for Africa (UBA) transacted 20.609 million shares worth N152.752 million.