Local stock market opens week positive by 0.47% increase

Equities trading at the Nigerian Exchange Limited (NGX) begins the week on a position move as the Index increases by 0.47 per cent on Monday.

The domestic bourse closed higher by 0.47 per cent to settle at 38,849.08 basis points amid sustained bullish sentiment.
Hence, the year-to-date loss of the local bourse moderated to 3.53 per cent.

The sentiment was positive in the market as buying interest in mid and large-cap stocks such as Airtel Africa, WAPCO, Oando, Flour Mills of Nigeria Plc and GTCO Holdings increased their respective share prices by 2.33 per cent, 5.29 per cent, 9.82 per cent, 3.02 per cent and 0.17 per cent.

Market breadth was impressive as the Exchange recorded more gainers than losers at the close of the trading session with 29 against 16.

On the performance chart, Oando and FTN Cocoa topped the gainers’ list with respective 9.8 per cent, while Universal Insurance and Linkage Insurance recorded the most significant losses of the day having depreciated in share value by 9.1 per cent and 7.1 per cent, respectively.

Sectorial performance was positive as four out of the five indices tracked closed in the green zone; the NSE Banking, NSE Consumer Goods, NSE Oil/Gas and the NSE Industrial indices rose by 0.26 per cent, 0.28 per cent, 2.24 per cent and 0.30 per cent respectively.

On the flip side, the NSE Insurance fell by 0.42 per cent.

Meanwhile, trading activity was upbeat as total deals and volume of stocks traded rose by 13.08 per cent and 7.08 per cent to 4,676 deals and 2.24 billion units respectively.

Fidelity Bank was the most traded stock by volume at 30.54 million units, while GTCO was the most traded stock by value at N378.32 million.

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