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Nigerian Stocks Blossom on Bullish Investor Sentiment

Nigerian Stocks Blossom on Bullish Investor Sentiment

The positive investor sentiment recorded last Friday was retained at the market on the first trading day of this week.

The Nigerian Stock Exchange (NSE) finished 0.30 percent higher as bargain hunting activities continued on Monday from last Friday, leaving the year-to-date returns closing at -4 percent from -4.29 percent recorded last Friday.

Business Post reports that the stock market recorded 20 price gainers at the close of transactions today versus 18 price losers.

Dangote Cement emerged the highest price today after adding N1.30k to its share value to close at N236 per share.

It was followed by GTBank, which grew by 80 kobo to settle at N38.80k per share, and NASCON, which improved by 55 kobo to finish at N20.80k per share.

Nigerian Breweries went up by 50 kobo to end at N108 per share, while CAP also appreciated by 50 kobo to wrap the day at N35 per share.

On the flip side, Forte Oil topped the losers’ chart with N2.70k of its share price lost to close at N25.20k per share.

It was followed by Oando, which depreciated by 40 kobo to end at N5.15k per share, and Stanbic IBTC, which went down by 25 kobo to close at N48.55k per share.

UPL fell by 25 kobo to settle at N2.30k per share, while Dangote Flour declined by 20 kobo to finish at N8.90k per share.

Business Post reports further that while the All Share Index (ASI) increased by 133.39 points to close at 36,603.44 points, the market capitalisation improved by N49 billion to settle at N13.260 trillion.

All the sector indices increased except the NSEOILG5, which recorded a loss of 1.66 percent.

However, the NSEBANK10, NSEIND, NSEINS10, and NSEFBT10 recorded respective gains of 0.63 percent, 0.37 percent, 0.33 percent and 0.10 percent.

At the close of transactions, the volume of equities traded on the floor of the stock exchange on Monday increased by 129.24 percent, while the value decreased by 19.75 percent.

A total of 679.9 million shares were traded today in 3,677 deals valued at N3.9 billion in contrast to the 296.6 million equities worth N4.9 billion transacted last Friday.

The Financial Services sector led the activity chart with 500.2 million shares sold for N2.6 billion, while the Services sector followed with 102.5 million shares exchanged for N222 million.

MedView Air topped the activity chart today with 100 million equities sold for N214 million.

It was followed by Transcorp, which sold 16.2 million units worth N19.6 million, and Zenith Bank, which transacted 11.3 million shares worth N260.3 million.

GTBank exchanged 8.2 million shares valued at N315.6 million, while Access Bank sold 6.8 million equities for N67.5 million

Tags: Economy, Federal Government, Stock Market


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