Stock Market Opens Week Positive, Gains N41bn

Opening the week, the Nigerian stock market yesterday rebounded by N41 billion on bargain hunting in MTN Nigeria Communications (MTNN) and 15 others.

The All Share Index (ASI) rose by 76.36 points, representing an increase of 0.14 per cent to close at 55,605.57 points. While the overall market capitalisation value gained N41 billion to close at N30.291 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; MTNN, Julius Berger Nigeria, Okomu Oil, Nigerian Aviation Handling Company (NAHCO) and United Capital Plc.

This week, United Capital Plc said: “we expect the overall bullish sentiments in the equities market to linger. This is hinged on the view that investors’ bullish sentiments will prevail amid post-election uncertainties and a depressed interest rate environment, particularly at the short end of the curve.

“We foresee opportunities for BUY-SIDE investors to increase holdings in the near term on fundamentally sound stocks with improved valuation and dividend yield. Nonetheless, we still expect profit-booking activities on stocks that have crossed the overbought region, as indicated by the RSI.”

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However, market sentiment, as measured by market breadth was negative as 20 stocks declined, relative to 16 gainers.  Julius Berger Nigeria recorded the highest price gain of 10 per cent to close at N26.95, per share.

ty Bank followed with a gain 9.26 per cent to close at 59 kobo, while International Energy Insurance rose by 8.33 per cent to close at N1.30, per share.

Livestock Feeds went up by 4.67 per cent to close at N1.12,  while Chams Holding Company appreciated by 4.00 per cent to close at 26 kobo, per share. On the other hand, Computer Warehouse Group (CWG) led the losers’ chart by 7.14 per cent to close at 91 kobo, per share. FTN Cocoa processors followed with a decline of 6.67 per cent to close at 28 kobo, while Oando depreciated by 4.39 per cent  to close at N4.36, per share.

Courteville Business Solutions declined by 4.17 per cent to close at 46 kobo, while Japaul Gold and Ventures  depreciated by 3.45 per cent to close at 28 kobo, per share.

The total volume traded decreased by 83.5 per cent to 123.545 million units, valued at N2.484 billion, and exchanged in 4,076 deals. Transactions in the shares of Transnational Corporation (Transcorp) topped the activity chart with 11.8 million shares valued at N15.362 million. Guaranty Trust Holding Company (GTCO)  followed with 9.396 million shares worth N248.302 million, while United Bank for Africa (UBA) traded 9.192 million shares valued at N79.044 million.

Oando traded 8.354 million shares valued at N36.778 million, while Fidelity Bank transacted 6.448 million shares worth N33.185 million.