NSE’s indices resume week with 0.17% growth

The Nigerian equities market resumed trading for week upbeat on Monday with key indicators improving by 0.17 per cent.

Consequently, the All-Share Index garnered 64.96 points or 0.17 per cent to close at 39,396.57 compared with 39,331.61 recorded on Friday.

Similarly, the market capitalisation rose by N34 billion or 0.17 per cent to close at N20.612 trillion in contrast with N20.578 trillion posted on Friday.

The uptrend also driven by price appreciation in medium and large capitalised stocks amongst which are: Lafarge Africa, Ardova, FBN Holdings, Access Bank and Champion Breweries.

Analysts have expressed optimism that the stock market would witness a rebound in the absence of Nigerian Treasury Bill auction this week.

They said the absence of an NTB auction this week would calm the surge in yields and provide some temporary respite for equities.

A breakdown of the price movement chart indicates that 26 stocks recorded price appreciation in contrast to 15 laggards.

Ardova and Linkage Assurance dominated the gainers’ chart in percentage terms, growing by 10 per cent each to close at N14.85 and 55k per share, respectively.

Champion Breweries followed with a gain 9.52 per cent to close at N1.84 per share.

Oando rose by 9.43 per cent to close at N2.90, while Morison Industries, Cornerstone Insurance and Wema Bank gained 9.09 per cent each to close at 72k, 60k and 60k per share, respectively.

On the other hand, Meyer Plc led the losers’ chart in percentage terms, dropping by 10 per cent to close at 45k per share.

Livestock Feeds followed with 9.87 per cent to close at N2.01, while SCOA depreciated by 9.85 per cent to close at N2.38 per share.

Ikeja Hotel dipped 9.48 per cent to close at N1.05, while NEM Insurance shed 6.88 per cent to close at N1.76 per share.

However, the total volume of transactions declined by 49.38 per cent with an exchange of 297.27 million shares valued at N3.15 billion in 4,655 deals.

This was against a total of 587.74 million shares worth N13.62 billion exchanged in 4,895 deals on Friday.

Transactions in the shares of Zenith Bank topped the activity chart with 66.49 million shares valued at N1.67 billion.

FBN Holdings came second with 23.48 million shares worth N169.46 million, while AXA Mansard Insurance traded 21.37 million shares valued at N20.92 million.

Guinea Insurance sold 20.19 million shares worth N4.04 million, while United Capital transacted 13.59 million shares valued at N64.13 million.