The domestic equities market yesterday opened the week on a positive note as gains in 27 stocks raised the All-Share Index by N4 billion, translating to 0.02 per cent growth.
In summary, the All-Share Index (ASI) increased by 8.00 absolute points, representing a gain of 0.02 per cent to close at 38,220.01 points. Similarly, the overall market capitalisation value gained N4 billion to close at N19.923 trillion.
The market upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Stanbic IBTC Holdings, UPDC Real Estate Investment Trust, Cutix, NCR Nigeria and Africa Prudential.
This week, analysts at United Capital Plc expected some profit-taking on stocks that rallied in the week, saying, “however, we believe half-year earnings will dictate investor sentiments on the bourse.”
Analysts at Afrinvest Limited said: “In the coming trading session, we expect to see profit-taking activities dominating the market in the absence of any positive catalyst.”
Investors sentiment, as measured by market breadth closed positive as 27 stocks gained while 16 stocks lost. Cutix recorded the highest price gain of 10 per cent to close at N3.30, per share. NCR Nigeria followed with a gain 9.69 per cent to close at N2.49, while Regency Alliance Insurance went up by 9.52 per cent to close at 46 kobo, per share.
UACN Property Development Company rose by 9.30 per cent to close at 94 kobo, while Wapic Insurance gained 9.26 per cent to close at 59 kobo, per share.
On the other hand, Red Star Express led the losers’ chart by 9.81 per cent to close at N3.31, per share. Associated Bus Company followed with a decline of 8.11 per cent to close at 34 kobo, while NPF Microfinance Bank lost 6.98 per cent to close at N1.60, per share.
Presco lost 6.04 per cent to close at N70.00, while Chams Plc shed 4.76 per cent to close at 20 kobo, per share.
The total volume of trades rose by 35.1 per cent to 282.625 million units, valued at N1.869 billion, and exchanged in 4,788 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 28.094 million shares valued at N64.532 million. Wema Bank followed with 19.638 million shares worth N14.419 million, while Universal Insurance traded 18.025 million shares valued at N3.605 million.
FCMB Group traded 14.823 million shares valued at N45.859 million, while Sovereign Trust Insurance transacted 14.409 million shares worth N3.894 million.