Nigerian stock market maintains positive rally, up 0.10%

The nation’s bourse kicked off the week on Monday still on a bullish note with bargain buying on Dangote Cement and other 27 stocks.

Specificaly, the All-Share Index inched higher by 42.71 points or 0.10 per cent to close at 4ep3,897.13 from 43,854.42 achieved on Friday.

Accordingly, the year-to-date return increased to 2.8 per cent.

Similarly, the market capitalisation N23 billion to close at N23.650 trillion compared with N23.627 trillion posted on Friday.

The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Dangote Cement, BUA Foods, MRS Oil, Vitafoam and PZ Cussons.

This week, United Capital expected the market to maintain its bullish momentum as investors continue to take positions ahead of the dividend season amidst pockets of profit taking.

Market sentiment closed positive with 28 gainers in relative to 19 losers.

BUA Foods dominated the gainers’ chart in percentage terms by 9.96 per cent to close at N58.50 per share.

MRS Oil followed with 9.72 per cent to close at N13.55, while PZ Cussons rose by 8.53 per cent to close at N7 per share.

AIICO Insurance improved by 7.69 per cent to close at 84k , while NPF Microfinance Bank appreciated by 6.45 per cent to close at N1.98 per share.

On the other hand, Northern Nigeria Flour Mills led the losers’ chart in percentage terms by 9.66 per cent to close at N6.55 per share.

United Bank for Africa followed with 6.90 per cent to close at N5.40, while Red Star Express lost 6.38 per cent to close at N3.23 per share.

MTN Nigeria Communications (MTNN) lost 5.84 per cent to close at N185.50, while Sovereign Trust Bank shed 3.85 per cent to close at 25k per share.

Meanwhile, the total volume of shares traded declined by 21.23 per cent to 311.26 million shares worth N8.64 billion traded in 5,159 deals.

This was in contrast with 395.15 million shares valued at N12.39 billion traded in 3,923 deals on Friday.

Transactions in the shares of BUA Foods topped the activity chart with 101.36 million shares valued at N5.93 billion.

Transcorp followed with 51.22 million shares worth N50.21 million, while Zenith Bank traded 12.13 million shares valued at N308.63 million.

Guaranty Trust Holding Company traded 10.35 million shares worth N265.61 million, while Sovereign Trust Insurance transacted 9.47 million shares worth N2.29 million.