Stock market opens week positive as ASI adds 1.9%

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The Nigerian equities market saw continued dominance by the bulls at the start of the week, as the benchmark index closed 1.92 per cent stronger to settle at 84,640.89 points.

At the Nigerian Exchange Limited (NGX) on Monday, buy interests in industrial heavyweights namely, Dangote Cement, BUA Cement, alongside Zenith Bank kept the market in the green, after their share value appreciated by 7.14 percent, 0.59 per cent, and 3.60 percent, respectively.

Consequently, the market capitalisation of listed equities rose by 1.92 percent to N46.32 trillion as the year-to-date gain of the ASI climbed to 13.20 percent.

As measured by market breadth, market sentiment was positive as 66 tickers gained relative to 8 losers. On the performance board, PZ and Sovereign Insurance recorded the highest gains of the day having appreciated in share value by 10 percent respectively; while Abbey and Julius Berger topped the losers’ list having lost 9.5 percent and 3.5 percent from their respective share value.

Furthermore, performance by sub-sector index pointed to bullish sentiment as the NGX Banking, NGX Insurance, NGX Consumer Goods, NGX Oil/Gas, and NGX Industrial Goods indexes gained by 1.30%, 7.23 percent, 1.78 percent, 0.08 percent, and 4.40 percent, respectively.

Market activity showed further improvement as the total deals, traded volume and value soared by 16.67 percent, 34.44 percent, and 21.25 per cent to 13,647 deals, 807.51 million units, and N11.03 billion, respectively.

At the conclusion of the trading session, Transnational Corporation emerged as the most traded security by volume with 66.89 million units worth N956.01 million, changing hands in 819 trades.

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