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NSE opens week with 0.33% growth on Seplat, Lafarge Africa gains



NSE maintain bearish trend despite listing of Ellah Lakes additional shares

Trading in the domestic equities market commenced the week on a positive note, growing by 0.33 per cent due to buying interests in Seplat, Lafarge Africa and Tier-1 banking stocks.

Consequently, the All-Share Index on Monday inched higher by 131.82 points or 0.33 per cent to 40,571.67 from 40,439.85 recorded on Friday.

Accordingly, the month-to-date loss moderated to 4.3 per cent, while the year-to-date gain increased to 0.80 per cent.

Also, the market capitalisation which opened at N21.155 trilliin rose by N69 billion or 0.33 per cent to close at N21.224 trillion.

The gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Seplat, Japaul Gold and Ventures, Mutual Benefits Assurance, AIICO Insurance and Multiverse Mining and Exploration.

Market sentiment, as measured by market breadth, was positive with 31 gainers relative to 13 laggards.

Seplat drove the gainers’ chart in percentage terms, improving by 10 per cent to close at N544.50 per share.

Japaul Gold followed with 9.86 per cent to close at 78k, while Mutual Benefits Assurance rose by 9.52 per cent to close at 46k per share.

AIICO Insurance grew by 9.26 per cent to close at N1.18, while Multiverse Mining and Exploration appreciated by 9.09 per cent to close at 24k per share.

On the other hand, Conoil and Royal Exchange led the losers’ chart in percentage terms, losing 10 per cent each to close at N18.90 and 27k per share, respectively.

R.T. Briscoe followed with a loss of 9.09 per cent to close at 20k per share.

Consolidated Hallmark dipped 8.70 per cent to close at 42k, while Sovereign Trust Insurance shed 7.69 per cent to close at 24k per share.

However, the total volume of shares traded declined by 47.9 per cent as investors bought and sold 206.24 million shares worth N2.16 billion traded in 4,264 deals.

This was in contrast with a total of 395.62 million shares valued at N5.19 billion exchanged in 5,321 deals on Friday.

Transactions in the shares of Zenith Bank topped the activity chart with 21.51 million shares worth N539.62 million.

Mutual Benefits Assurance followed with 15.003 million shares valued at N6.81 million, while UACN Property Development Company traded 14.83 million shares valued at N12.08 million.

Fidelity Bank sold 14.72 million shares worth N35.94 million, while United Capital transacted 13.12 million shares worth N77.84 million.

Chinyere Joel-nwokeoma

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