Nigerian stock market opens week with N5.5b gain

The Nigerian Stock market has resumed the last trading week of the month of September on a positive note as lead indicators added 0.06 percent.

The Nigerian Stock Exchange All Share Index (NSE ASI) grew by 16.09 basis points to close at 28,263.16 points compared to last Friday’s closing figure of 28,247.07 points.

Market capitalisation closed the day at N9.709 trillion following a gain of N5.5 billion, compared to N27.7 billion gained last Friday when market Capitalisation closed at N9.703 trillion.

The day’s performance was consequent on bargain hunting in Total Nigeria Plc (1.44 percent), Nigerian Breweries Plc (1.03 percent), Flourmill Nigeria Plc (4.99 percent), Cadbury Nigeria Plc (4.95 percent) and Dangote Cement Plc. (0.26 percent). Bargain Hunting is when investors buy a stock that is considered to be below fair value.

Trading activities showed investors’ sentiment turned negative as market breadth closed with 16 gainers to 23 losers.

Flourmills Nigeria Plc topped the day’s advancing stocks with a gain of 4.99 percent or N1.00 to close at N21.04 per share. Cadbury Nigeria Plc followed with a growth of 4.95 percent or 78 kobo to close at N16.53 per share, Skye Bank Plc appreciated 4.76 percent or 3 kobo respectively to close at 66 kobo per share, Champion Breweries Plc garnered4 percent or 10 kobo to close at N260 per share and Law Union Plc improved 3.64 percent or 2 kobo to close at 57 kobo per share.

On the flip side, BetaglasPlc led the day’s declining stocks for the second consecutive session losing 9.71 percent or N3.39 to close at N31.51 per share, followed by CavertonPlc that lost 9.52 percent or 10 kobo to close at 95 kobo per share, ConoilPlc fell 8.24 percent or N3.50 to close at N39 per share, OandoPlc fell 4.93 percent or 29 kobo to close at N5.59 per share and Livestock Feeds Plc depreciated 4.40 percent or 4 kobo to close at 87 kobo per share.

The financial services sector topped the day’s activity chart with Fidelity Bank emerging the most traded stock following the sale of 52 million units of shares valued at N46.8 million. Diamond Bank came second, trading 28.3 million shares worth N34 million, Access Bank sold 28.2 million units of shares amounting to N156.7 million. FCMB Plc exchanged 28.2 million shares worth N29 million and UBA Plc traded 15.3 million valued at N65 million

Market activity as measured by Volume and Value traded, settled at 249.8 million units and N2 billion respectively in 3,170 deals compared to 265.1 million units and N1.6 billion traded previous session in 3,136 deals.

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