By OLUSHOLA BELLO, Lagos
The Nigerian equities market, yesterday, opened the week with a 0.96 per cent gain, extending bull-run to four trading sessions.
In summary, the All Share Index (ASI) gained 324.54 absolute points, representing a growth of 0.96 per cent to close at 34,135.10 points. Similarly, the market capitalisation gained N112 billion, to close at N11.804 trillion.
The upturn was impacted by gained recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Presco, International Breweries, Stanbic IBTC and ETI.
Analysts at Afrinvest Limited said, “We reiterate that the upbeat performance of the market has been largely driven by improved macroeconomic fundamentals resulting in increased foreign investor participation.
“Nevertheless, we expect profit taking in some stocks that have appreciated in the previous trading sessions.”
Similarly, market breadth closed positive recording 28 gainers against 19 losers. CCNN recorded the highest price gain of 10.17 per cent, to close at N9.75 per share. May and Baker followed with a gain of 9.87 per cent to close at N5.01, while International Breweries appreciated by 8.83 per cent to close at N28.35 per share.
Aiico Insurance went up by 8.74 per cent to close at 64 kobo and Skye Bank rose by eight per cent to close at 81 kobo per share.
On the other hand, Chemical and Allied Products led the losers’ chart by 9.52 per cent each, to close at N34.20 per share. Mobil followed with a decline of five per cent to close at N250.90, while Forte Oil followed with a decline of 4.98 per cent to close at N52.81 per share.
FBN Holdings depreciated by 4.93 per cent to close at N6.55 and Nahco declined by 4.92 per cent to close at N3.09 per share.
The total volume traded depreciated marginally by 2.2 per cent to 482.52 million shares, worth N5.68 billion, and traded in 5,771 deals.