Stocks Up By N98bn To Begin Week Positive

Trading activities in the Nigeria stock market yesterday closed positive with a gain of N98 billion to commence trading activities for the week.

Accordingly, the All Share Index (ASI) gained by 181.20 points, representing a growth of 0.35 per cent to close at 52,369.13 points. Also, market capitalisation rose N98 billion to close at N28.515 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; MTN Nigeria Communications (MTNN), PZ Cussons Nigeria, Nigerian Exchange Group, Julius Berger and Zenith Bank.

This week, United Capital Plc expected mixed sentiments in the equities market, comprising pockets of buy interests across fundamentally sound stocks, and bearish sentiments arising from an upward reversal of yields in the fixed income market.

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“We recommend a cautious approach for Equity vested investors and fund managers, with a strategic switch to defensive stocks with strong corporate actions and fundamentals,” United Capital added.

As measured by market breadth, market sentiment was positive, as 31 stocks gained relative to 15 losers. Ikeja Hotels recorded the highest price gain of 9.85 per cent to close at N2.23, per share. Academy Press followed with a gain of 9.80 per cent to close at N1.68, while Prestige Assurance rose by 9.76 per cent to close at 45 kobo, per share.

NPF Microfinance Bank went up by 9.71 per cent to close at N1.92, while C&I Leasings appreciated by 9.69 per cent to close at N3.51, per share.

On the other hand, NCR Nigeria led the losers’ chart by 9.71 per cent, to close at N2.79, per share. Sovereign Trust Insurance followed with a decline of 8.89 per cent to close at 41 kobo, while NEIMETH International Pharmaceuticals declined by 7.33 per cent to close at N1.39, per share.

Ardova Plc (AP) depreciated by 6.95 per cent to close at N18.75, while Royal Exchange declined by 5.77 per cent to close at 49 kobo, per share.

The total volume traded declined by 61.1 per cent to 315.69 million units, valued at N4.03 billion, and exchanged in 5,847 deals. Transactions in the shares of Zenith Bank topped the activity chart with 53.434 million shares valued at N1.381 billion.

Access Holdings followed with 48.034 million shares worth N486.3 million, while United Bank for Africa (UBA) traded 31.111 million shares valued at N261.962 million.

AXA Mansard Insurance traded 23.556 million shares valued at N74.362 million, while Guaranty Trust Holding Company (GTCO) sold 20.12 million shares worth N541.038 million.