Trading in the Nigerian equities market kicked off the week with positive sentiments as investors rallied MTN Nigerian and Dangote Cement.
Thus, the benchmark index closed higher by 1.3 per cent to 42,411.12 basis points. Accordingly, the Month-to-Date loss moderated to -1.9 per cent while the Year-to-Date gain increased to +5.3 per cent.
This outing pegged the equities market capitalisation of the Nigerian Exchange Limited (NGX) at N22.130 trillion as investors gained N276 billion in the session.
Market breadth closed in favour of the bulls with 23 counters in the gainers’ chart pitted against 15 counters in the losers’ chart.
Meyer was the best performing stock in the session, as it is flanked by Academy Press, FTN Cocoa, GlaxoSmithKline and MTN Nigeria to complete the list of the top five gainers.
From the rear of the chart, Nascon shed the most weight to lead the laggards’ chart as it is flanked by Cornerstone Insurance, Wapic, Oando and Champion Breweries to complete the top losers’ chart.
Sectorial indices closed in a mixed direction with the ASI, save for NGX Growth and NGX ASEM closed flat.
Market activity as measured by both volume and value shed weight in the session with daily traded volume standing at 230 million units, representing a 48.39 per cent decrease from a volume of 445 million units traded in the previous session.
The value of traded stocks dipped by 3.92 per cent in the session to stand at N3.290 billion as against a value of N3.423 billion recorded in the previous trading session.
Unity Bank dominated the volume charts as the top traded stock by volume for the trading session. This is followed by Universal Insurance, FBN Holdings, UPDCREIT, and GTCO to complete the list of the five most traded stocks by volume.
With regards to the value of traded stocks, Nestle Nigeria took the lead of the top five performers as well. It is flanked by Dangote Cement, GTCO, Zenith Bank and FBNH.
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Local stock market opens week bullish, investors earn N276bn