Nigerian stock market opened the week with positive momentum yesterday, following share price appreciation in Julius Berger Nigeria Plc and 38 others.
The All Share Index (ASI) gained 435.63 points, representing a growth of 0.31 per cent, to close at 141,439.77 points. Also, market capitalisation appreciated by N284 billion to close at N89.493 trillion.
Gains recorded in medium—and large-capitalised stocks impacted the upturn, including Julius Berger Nigeria, Stanbic IBTC Holdings, NEM Insurance Guaranty Trust Holding Company (GTCO), and Oando.
This week, Imperial Asset said, “We expect the ongoing mixed sentiments to continue as traders continue to take profit on capital appreciation in their books. However, bargain-hunting in oversold counters, particularly in the Consumer Goods sector, could trigger mild recoveries.
“We also expect the insurance sector to remain in the spotlight, given the reform-driven outlook for the industry.”
Market sentiment was buoyant, evidenced by a positive breadth, with 39 stocks advancing compared to 17 declining. Julius Berger recorded the highest price gain, 9.93 per cent, to close at N146.10 per share. Cutix followed with a gain of 9.86 per cent to close at N3.90, while Regency Alliance Insurance rose by 9.70 per cent to close at N1.47 per share.
Veritas Kapital Assurance appreciated by 9.60 per cent to close at N2.17, while McNichols was up by 9.38 per cent to close at N3.50 per share.
On the other hand, University Press led the losers’ chart by 9.92 per cent to close at N5.54, per share.
Cadbury Nigeria followed with a decline of 9.61 per cent to close at N57.85, while Abbey Mortgage Bank declined by 8.39 per cent to close at N6.55 per share.
DAAR Communications depreciated by 7.44 per cent to close at N1.12, while Austin Laz & Company declined by 6.55 per cent to close at N2.71, per share.
However, the total volume traded decreased by 54.63 per cent to 591.246 million units, valued at N11.659 billion, and exchanged in 33,342 deals. Transactions in the shares of FCMB Group topped the activity chart with 105.126 million shares valued at N1.145 billion. Veritas Kapital Assurance followed with 59.573 million shares worth N128.806 million, while Universal Insurance traded 34.399 million shares valued at N45.212 million.
AIICO Insurance traded 26.204 million shares valued at N111.910 million, while GTCO sold 25.003 million shares worth N2.4 billion.
