The equities market of the Nigerian Stock Exchange closed the first trading session of the week on a positive note as the All Share Index gained 0.6 per cent on Monday.
The NSE ASI rose to 24,827.50 basis points from 24,689.69 basis points, while the market capitalisation increased by N47.4bn to close at N8.54tn.
The losses recorded by 25 stocks on Monday were unable to prevent the market from closing on a positive note.
Thirteen stocks recorded price appreciation, with Vitafoam Nigeria Plc leading the pack as it gained 9.32 per cent to close at N4.69 per share.
Other gainers include Seplat Petroleum Development Company Plc, Fidelity Bank Plc, AIICO Insurance Plc, Skye Bank Plc, United Bank for Africa Plc, Transnational Corporation of Nigeria Plc and Guaranty Trust Bank Plc.
Tiger Branded Consumer Goods Plc led the losers on Monday as it shed five per cent to close at N1.14 per share.
It was followed by International Breweries Plc, Conoil Plc, Zenith International Bank Plc and Learn Africa Plc, which lost 4.97 per cent, 4.96 per cent, 4.92 per cent and 4.44 per cent to close at N19.14, N17.42, N11.60 and N0.86 per share, respectively.
Market activity waned marginally as volume and value traded were down 0.1 per cent and 0.7 per cent to close at 283 million units and N2.9tn, respectively.
The industrial goods index appreciated the most as gains in Dangote Cement drove the index two per cent upwards. Similarly, the oil and gas index rose 0.6 per cent on renewed buy sentiment in Seplat. However, the Banking and Consumer Goods indices depreciated one per cent and 1.4 per cent, respectively due to sustained selling pressures in Zenith Bank and Nestle. The Insurance index declined 0.1 per cent.
Analysts at Afrinvest Research said, “Ahead of full year earnings and corporate actions, we expect more bargain hunting in dividend-paying stocks. However, the volatility in market performance buttresses the need for investors to stay cautious in timing entry, especially for short-term holding period investments, even as we consider the current prices attractive for medium to long-term investors.”