The equities market commenced trading week on a positive note after three-day consecutive gains last week as All Share Index gained 2.32 per cent at the close of trading on Tuesday to settle at 21,879.95 basis points.
Trading commenced for the week on Tuesday at the Nigerian Stock Exchange after two days public holiday declared by the Federal Government of Nigeria on Friday, April 10, 2020 (Good Friday) and Monday, April 13, 2020 (Easter Monday) to mark the Easter celebrations.
Equities investors gained N258.5 billion as the market capitalisation increased by 2.32 per cent to record a close mark of N11.403 trillion.
APT Securities analysts believed the regaining sign showed by the equities market may not be unconnected to the Central Bank of Nigeria (CBN) steps to ensure financial stability at this time coupled with global oil supply cut agreed upon by OPEC and allies to prop up oil prices amid the coronavirus pandemic.
Market breadth also closed positive as 12 losers were recorded against 29 gainers, an improved performance when compared with previous outlook.
Oando led the gainers chart having gained N0.24kobo or 10 per cent in value to close at N2.64kobo per stock, Nigerian Breweries followed with 9.91 per cent appreciation in its share value to close at N24.40kobo.
Conoil also gained N1.30kobo, having appreciated by 9.89 per cent to close at N14.45kobo per share by the end of the day trading; Stanbic IBTC Holdings’ share value appreciated by 9.62 per cent to close at N28.50kobo; while Chams added N0.02kobo or 9.52 per cent to close at 23kobo per share.
All sectoral indices likewise augmented the All Share Index as all sectors closed positive save for NSE Insurance and NSE Industry leaving NSE ASEM flat.
Market turnover closed positive as volume moved up by 77.14 per cent to 557 million units, valued at N2.62 billion and exchanged in 5,310 deals. The total volume of trades increased by 77.14 per cent as Omo Mortgage Bank was the most traded stock by volume, while value depreciated by 47.85 per cent with Zenith Bank led in terms of total value traded.
Stock watchers, however, expect more positive reactions towards dwindled stock price at this time even though full market recovery is not expected until post-coronavirus recovery.
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