Nigerian equities reopened on Monday on a strong positive momentum as intense bargain-hunting for large and mid-cap stocks roused the market to a net capital gain of N309 billion. The stock market had traded negative for the five consecutive trading sessions last week.
With nearly two advancers to every decliner, average market value rose by 1.7 per cent, equivalent to net capital gain of N309 billion. The rally nudged the average year-to-dare return to 29.8 per cent.
Aggregate market value of all quoted equities rose from its opening value of N17.902 trillion to close at N18.211 trillion. The All Share Index (ASI)- the value-based common index that tracks all share prices at the Nigerian Stock Exchange (NSE) rose from its opening index of 34,250.74 points to close at 34,843.44 points.
Sectoral indices showed mixed performance, underlining the losses by some high-cap stocks. The NSE Industrial Goods Index rose by 1.5 per cent while the NSE Insurance Index appreciated by 1.3 per cent. However, the NSE Consumer Goods Index dropped by 0.9 per cent. The NSE Oil and Gas Index depreciated by 0.7 per cent while the NSE Banking Index declined by 0.33 per cent.
Airtel Africa led the 26-stock gainers’ list with a gain of N64 to close at N704. Dangote Cement followed with a gain of N5 to close at N188. Guinness Nigeria rose by 65 kobo to close at N17.65. Lafarge Africa gathered 45 kobo to close at N21 while BOC Gases appreciated by 43 kobo to close at N7.20.
On the negative side, Nascon Allied Industries led the 14-stock losers’ list with a drop of N1.50 to close at N14.50. Ardova followed with a drop of 85 kobo to close at N12.20. International Breweries declined by 71 kobo to close at N6.47. Union Bank of Nigeria lost 30 kobo to close at N5.15 while Cutix depreciated by 18 kobo to close at N1.72 per share.
Total turnover stood at 208.09 million shares valued at N3.70 billion in 4,154 deals. Zenith Bank was the most active stock with a turnover of 38.63 million shares valued at N875.68 million.
“This week, we expect bargain hunting to dominate trades following the previous week’s losses,” Afrinvest Securities stated in a post-trading note.