- Stocks Open Year With Marginal Gain
The Nigerian stock market appreciated marginally by N8bn on the first day of trading this year as 27 stocks advanced against 12 decliners.
Equities began the year on a positive note as the All-Share Index rose six basis points to settle at 38,264.79 points.
The Nigerian Stock Exchange market capitalisation rose to N13.617tn from N13.609tn. The market performance was largely driven by price appreciation in Zenith Bank Plc, Access Bank Plc and Dangote Sugar Refinery Plc, which appreciated respectively by 1.1 per cent, 1.4 per cent and 1.8 per cent.
However, activity level declined as volume and value traded fell by 53.7 per cent and 35 per cent to 248.553 million units and N1.784bn, respectively.
Sector performance was mixed as three of the five indices appreciated at the close of trading. The insurance index gained the most, rising by 0.9 per cent on the back of buying interest in Axa Mansard Insurance Plc, Linkage Assurance Plc and Aiico Insurance Plc, which gained respectively by 4.7 per cent, 4.6 per cent and 3.9 per cent.
The consumer goods index followed, appreciating by 0.3 per cent as Dangote Sugar Refinery Plc, PZ Cussons Nigeria Plc and Nascon Allied Industries Plc recorded gains of 1.8 per cent, 2.7 per cent and 3.9 per cent, respectively.
The industrial goods index followed suit, adding 0.2 per cent as investors took position in CAP Plc, which appreciated by five per cent.
On the flip side, the oil/gas index depreciated by 0.4 per cent primarily due to price depreciation in Forte Oil Plc, which dropped by 3.4 per cent while the banking index slid slightly by 0.04 per cent following losses in Guaranty Trust Bank Plc and Ecobank Transnational Incorporate Plc, which depreciated by 0.5 per cent and 4.3 per cent, accordingly.
Top performing stocks for the day were FCMB Group Plc, CAP Plc and African Prudential Plc, which appreciated accordingly by 6.8 per cent, five per cent and five per cent. On the other hand, NEM Insurance Plc, ETI and Trans Nationwide Express Plc led the losers’ chart, depreciating respectively by 4.8 per cent, 4.3 per cent and 3.8 per cent.
“In line with expectation, the market closed positive albeit marginal. Hence, we do not rule out the possibility of some profit taking in subsequent sessions,” analysts at Afrinvest Securities said.