Equities Gain N330bn In One Session, Conoil Tops Gainers
The stock market opened the week on a positive trajectory as the Nigerian Stock Exchange market capitalisation appreciated by N330bn at the close of trading on Monday.
Equities extended gains from the previous week into the third consecutive trading session as the All-Share Index rose by 2.4 per cent to settle at 38,849.65 basis points while year-to-date return rose to 4.2 per cent.
The NSE market capitalisation closed at N14.181tn from N13.851tn recorded at the close of trading on Friday. The performance, therefore, was buoyed by price appreciation in Dangote Cement Plc, Guaranty Trust Bank Plc and Zenith Bank Plc, which appreciated respectively by five per cent, 2.3 per cent and 2.5 per cent.
However, activity level was mixed as volume traded declined by 19.7 per cent to 604.532 million units while value traded grew by 46.7 per cent to N16.171bn.
Sector performance was largely positive as all indices tended northwards. The industrial goods index led the gainers chart, up by 2.3 per cent primarily due to price appreciation in Dangote Cement.
The banking index followed, rising by two per cent on the back of gains in GTBank and Zenith Bank while appreciation in the share prices of Mobil Oil Plc (11 Plc) and Conoil Plc by five per cent and 10.2 per cent, respectively, pushed the oil/gas index 1.7 per cent higher.
Similarly, the consumer goods and insurance indices rose by 1.1 per cent, apiece, consequent on investors taking position in Nigerian Breweries Plc, Guinness Nigeria Plc and AXA Mansard Insurance Plc, which appreciated by 1.4 per cent, 4.6 per cent and 4.4 per cent, accordingly.
Investor sentiment weakened compared to Friday’s data as 37 stocks advanced against nine decliners.
Monday’s best performers were Conoil, Unity Bank Plc and Cadbury Nigeria Plc, which appreciated respectively by 10.2 per cent, 9.7 per cent and 8.6 per cent.
On the flip side, the worst performing stocks were Vitafoam Nigeria Plc, C&I Leasing Plc and Meyer, which recorded depreciations of 4.9 per cent, 4.9 per cent and 4.3 per cent, accordingly.
Commenting on the market’s outcome, analysts at Afrinvest Securities, in a post, said, “In line with expectation, market performance was positive on Monday as investor sentiment remained strong. Hence, we expect the trend to be sustained in subsequent trading sessions against the backdrop of a broad-based rally across sectors.”
Source: PUNCH
