Stock Market Begins 2021 With N459bn Gain

Trading activities on the floor of the Nigerian Stock Exchange on Monday opened the New Year on a positive note following gains recorded by major blue chip firms.

The market performance indices, the NSE ASI and market capitalisation, appreciated by 2.18 per cent as some blue chip stocks recorded price appreciation.

Market breadth closed positive as Honeywell Nigeria Flour Mills Plc led 32 gainers as against two losers topped by FCMB Plc at the end of the trading session, an improved performance when compared with the previous day.

Consequently, the All-Share Index grew by 876.67 basis points or 2.18 per cent from 40,270.72 index points the previous trading session to 41,147.39 while the market capitalisation of equities appreciated by N459bn to close at N21.52tn from N21.06tn.

Meanwhile, a turnover of 211.93 million shares exchanged in 3,438 deals was recorded in the day’s trading.

The insurance sub-sector was the most active (measured by turnover volume); with 98.26 million shares exchanged by investors in 114 deals.

Volume in the sub-sector was largely driven by activities in the shares of AIICO Insurance Plc and Lasaco Assurance Plc.

Premium sub-sector boosted by activities in the shares of Access Bank Plc and Dangote Cement Plc followed with a turnover of 43.36 million shares in 1,336 deals.

Further analysis of the day’s trading showed that Honeywell Nigeria Flour Mills Plc, Sovereign Trust Insurance Plc and Transcorp Plc led the gainers chart with a gain of 10 per cent each to close at N1.32, 22kobo and 99 kobo per share respectively.

International Breweries Plc and Fidelity Bank grew by 9.92 per cent each to close at N6.54 and N2.77 per cent per share respectively. BUA Cement Plc gained 9.89 per cent to close at N85 per share.

On the flip side, FCMB Plc led the losers’ chart with a drop of 6.01 per cent to close at N3.13 per share. Caverton Nigeria Plc followed with a loss of 3.41 per cent to close at N1.98 per share.