Local stock market opens week bullish, investors gain N521bn

The Nigerian equities market opens the new week to extend gains from last week by 1.90 per cent.

The All-Share Index (ASI) of the Nigerian Exchange Limited (NGX) closed higher by 1.9 per cent to 51,903.44 basis points as buying interest in MTN Nigeria supported the market’s performance.

In addition, continued interest in consumer goods, Nigerian Breweries, International Breweries, Presco and some Tier-1 banks, Guaranty Trust Holding Company and FBN Holdings contributed to the strong close.

Accordingly, the Month-to-Date and Year-to-Date returns increased to +4.6 per cent and +21.5 per cent, respectively.
Equities investors, therefore, gained N521.01 billion as market capitalisation closed the day at N27.98 trillion

Market breadth also closed positive with advancing stocks outnumbering declining ones. On the performance chart, Nigerian Breweries topped 35 others on the gainer’s log having appreciated in value by ten per cent, while Transcorp Hotel led 20 others on the laggard’s table.

Performance across sectors was broadly positive, as the Consumer Goods, Oil & Gas, and Industrial Goods indices recorded gains, while the Insurance and Banking indices closed lower.

Analysis of market activities on Monday showed that trade turnover settled higher relative to the previous session, with the value of transactions advancing by 3.05 per cent.

A total of 327.91 million shares valued at N5.47 billion were exchanged in 7,534 deals. Transcorp led the volume chart with 37.76 million units traded, while Seplat led the value chart in deals worth N842.52 million.

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Local stock market opens week bullish, investors gain N521bn