Nigerian Stocks Gain Slightly on Monday

• Nigerian Stocks Gain Slightly on Monday

The Nigerian Stock Exchange gained slightly on Monday after weeks of a bearish trend.

The All Share Index (ASI) rose by 0.15 percent to close at 27,669.38 points, up from 27,630.46 points.

The market capitalisation of listed equities grew by N19 billion to N13.484 trillion, up from N13.465 trillion recorded on Friday. Bringing the year-to-date return to -11.97 percent.

Dangote Flour led gainers 10 percent gain to N20.35, followed by MTN Nigeria 0.98 percent to N128.25 a share.

Cement Company of Northern Nigeria Plc gained 65kobo to N13.

Activity level was mixed as the volume trade grew by 73.64 percent to 280.695 million, while the total value of stocks traded decreased by 70.65 percent from N4.802 billion to N1.410 billion traded in 3,314.

Equity experts at Vetiva Securities said: “While we expect the stock to continue to rally, we do not foresee the gains having significant impact on the Index.”

Therefore, they are predicting a pullback on Tuesday “in the absence of market catalysts.”