- Equities’ Investors Gain N31bn as 17 Stocks Appreciate
The Nigerian equities market, on Monday, recorded a gain of N31bn after 17 stocks appreciated while 14 plummeted.
The Nigerian Stock Exchange opened the week bullish as the All-Share Index gained 24 basis points to close at 36,792.60 basis points while the year-to-date return expanded to 36.9 per cent.
As a result, investors gained N30.9bn, bringing market capitalisation to settle at N12.805tn.
The performance in the market was primarily attributed to buying interest in Zenith Bank Plc, PZ Cussons Nigeria Plc and Dangote Sugar Refinery Plc, which respectively appreciated by 3.6 per cent, 10.2 per cent and 4.3 per cent.
Notwithstanding, activity level declined as volume and value traded fell by 88.6 per cent and 61.1 per cent to 208.709 million units and N2.451bn, respectively.
Meanwhile, three out of the five sector indices closed in the green, thus driving a positive market close. One index declined while the other closed flat.
The banking and consumer goods indices rose by 0.5 per cent apiece on the back of price appreciations in Zenith Bank, United Bank for Africa Plc, PZ Cussons and Nestle Nigeria Plc, which gained 3.6 per cent, 0.2 per cent, 10.2 per cent and 0.4 per cent, accordingly.
Similarly, the insurance index gained, rising by 0.4 per cent due to buying interest in NEM Insurance Nigeria Plc and Linkage Assurance Plc, which appreciated by 4.5 per cent and 3.6 per cent, respectively.
However, the oil/gas index was the lone loser, down by 1.1 per cent primarily due to losses in Forte Oil Plc, which declined by 9.7 per cent. The industrial goods index closed the day flat.
Top three performers at the close of trading on Monday were PZ, Nascon Allied industries Plc and Eterna Plc, which gained 10.2 per cent, 9.6 per cent and 4.8 per cent, accordingly.
On the flipside, Forte Oil, Law Union and Rock Insurance Plc and Unit Bank Plc were the worst three performers. “Today’s positive performance can be largely attributed to investors taking position in previous decliners and we expect this to continue in subsequent trading sessions,” analysts at Afrinvest Securities said in a post.
