By Taofik Salako, Capital Market Editor
Nigerian equities rallied net capital gains of N112 billion on Monday as the stock market reopened to continuing bargain-hunting for large-cap stocks.
With profit-taking moderating the breadth of the rally, considerable gains by large-cap stocks in the telecommunications, manufacturing and banking stocks buoyed the market position.
Aggregate market value of all quoted shares at the Nigerian Stock Exchange (NSE) rose from its opening value of N15.175 trillion to close at N15.287 trillion, indicating net capital gain of N112 billion or 0.74 per cent.
The All Share Index (ASI)- the common value-based index that tracks all share prices at the NSE, also rose by 0.74 per cent to close at 29,633.58 points as against its opening index of 29,415.39 points. The sustained rally nudged the average year-to-date return for quoted equities to 10.4 per cent.
Read Also: Nigerian equities rally N1.23tr gains in six days
With 21 decliners to 16 advancers, the overall market performance was due to gains recorded by MTN Nigeria Communications, UAC of Nigeria, Flour Mills of Nigeria and United Bank for Africa (UBA) among others.
Most sectoral indices closed negative, underlining the profit-taking transactions across the sectors. The NSE Insurance Index rose by 0.30 per cent while the NSE Oil and Gas Index appreciated by 7.0 per cent. However, the NSE Industrial Goods Index declined by 3.17 per cent. The NSE Banking Index dropped by 0.70 per cent while the NSE Consumer Goods Index dipped by 0.42 per cent.
MTN Nigeria led the gainers with a gain of N11.60 to close at N127.60. UAC of Nigeria rose by 80 kobo to close at N11.05. GlaxoSmithKline Consumer Nigeria added 35 kobo to close at N5.65 while Flour Mills of Nigeria and UBA chalked up 30 kobo each to close at N23.30 and N8.70 respectively.
On the negative side, Presco led the losers with a drop of N4.65 to close at N52.25. BUA Cement dropped by N2 to close at N39. Seplat Petroleum Development Company lost N1.50 to close at N588. Cadbury Nigeria declined by N1.05 to N9.50 while Unilever Nigeria lost N1 to close at N18 per share.
The momentum of activities also increased as turnover rose by 24 per cent to 348.24 million shares valued at N8.55 billion in 5,377 deals. Access Bank was the most active stock with a turnover of 63.69 million shares worth N682.46 million. UBA followed with a turnover of 40.63 million shares worth N354.19 million while Zenith Bank placed third with 39.50 million shares worth N861.15 million.
“We expect the bullish run to persist as investors continue to show renewed interest in the market,” Afrinvest Securities stated.
Advertise With Us
To make Advert inquiries or place an order, please contact us at [email protected] or 08073063036 and we’ll reply to you with our Ad rates and other necessary information.