Local stock market opens week bullish as investors earn N31.8bn

The local stock market begins the new week on a positive note as All Share-Index rebounds by 0.14 per cent to close at 43,260.13 basis points following three consecutive days of losses.

At the close of the trading session on Monday, investors’ demand for the shares of First Bank of Nigeria Holdings and Zenith Bank dictate the overall sentiments as their shares improved by 6.5 per cent and 1.3 per cent.

Consequently, Investors earned N31.8 billion as the market capitalisation settled at N22.58 trillion

Hence, the Month-to-Date and Year-to-Date gains increased to +2.9 per cent and +7.4 per cent, respectively, as investors earned

As measured by market breadth, market sentiment was positive as 18 tickers gained relative to 13 losers.

On the performance chart, Honeywell and NEM Insurance topped the gainers’ list as their respective shares appreciated by 9.7 per cent and 7.9 per cent, while FTN Cocoa and Universal Insurance recorded the most significant losses of the day having depreciated in value by 9.1 per cent and 4.8 per cent respectively.

Notably, the acquisition of over 70 per cent of Honeywell Flour Mills shares by Flour Mills of Nigeria lifted its share price by 9.73 per cent to N3.72 Kobo.

Performance across sub-indices tracked was largely positive as four of the five sub-sector gauges tracked closed in green.

The NSE Banking, NSE Insurance, NSE Consumer Goods and the NSE Oil/Gas indices rose by 0.76 per cent, 0.86 per cent, 0.01 per cent and 1.27 per cent respectively.

However, the NSE Industrial fell by 0.14 per cent.

Meanwhile, market transactions ballooned today chiefly on N11.83 billion worth of trading value on Oando shares.

Hence, the volume and value of stocks traded rocketed by 1,103.94 per cent and 405.72 per cent to N2.40 billion and N16.47 billion respectively.

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