The Nigerian Exchange Limited (NGX) began the trading week on a positive note as shares of Oando Plc and 31 other stocks bolstered market capitalisation.
The benchmark All-Share Index (ASI) rose by 16.68 points or 0.02% gain to close at 102,370.36 points while the market capitalisation increased by N10 billion to N62.861 trillion.
The market’s positive performance was bolstered by gains in large and medium-capitalised stocks like Oando, Transnational Corporation, NASCON Allied Industries, Lafarge Africa, and NEM Insurance.
Analysts at United Capital Plc commented on the market’s outlook, stating “We expect mixed sentiments in the market for risk-asset classes, as the expected primary market auction will look to divert a considerable amount of investors’ interest. Investors are advised to trade cautiously this week, with a strict focus on equities with strong fundamentals and pending/potential corporate actions.”
Investor sentiment, measured by market breadth, remained positive as 32 stocks advanced while 26 declined, Investors King reports.
Caverton Offshore Support Group led the gainers with a 10% increase to close at N2.42. Wapic Insurance followed closely with a 9.91% rise to N2.44.
SCOA Nigeria appreciated by 9.68% to close at N2.72 while UPDC and Universal Insurance gained 9.52% each to close at N1.84 and 69 kobo, respectively.
On the flip side, Eunisell Interlinked topped the losers’ chart, declining by 10% to close at N14.06. John Holt followed with a 9.63% drop to N9.20, while Secure Electronic Technology shed 8.99% to close at 81 kobo.
Honeywell Flour Mills and PZ Cussons Nigeria also declined by 7.58% and 6%, respectively.
Trading activity was positive with total volume surging by 304.48% to 1.326 billion units valued at N17.667 billion across 13,891 deals.
Wema Bank dominated the activity chart with 980.038 million shares worth N9.8 billion traded. Universal Insurance followed with 31.318 million shares valued at N21.201 million while AIICO Insurance traded 22.147 million shares worth N36.854 million.
Oando recorded 19.818 million shares valued at N1.481 billion, while Zenith Bank exchanged 19.704 million shares worth N925.983 million.