Stock market opens week with 0.05 per cent gain

The Nigerian equities market started the week on a positive note, as buying interest in Dangote Cement and 16 other stocks spurred a marginal gain of 0.05 per cent in the market.

The All-Share Index (ASI) increased by 13.64 basis points, representing a growth of 0.05 per cent to close at 25,605.59 points.

Similarly, the overall market capitalisation size gained N7 billion to close at N13.358 trillion. Accordingly, the Month-to-Date gain increased to 1.1 per cent while Year-to-Date loss moderated to 4.6 per cent.

The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Chemical and Allied Products Plc (CAP), Dangote Cement, Lafarge Africa, Neimeth International Pharmaceuticals and Guaranty Trust Bank.

The market breadth closed positive as 17 stocks posted gains while 16 stocks posted declines. Neimeth International Pharmaceuticals recorded the highest price gain of 9.55 per cent to close at N1.95, per share. Royal Exchange followed with a gain 7.14 per cent to close at 30 kobo, while Consolidated Hallmark Insurance rose by 6.90 per cent to close at 31 kobo, per share.

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CAP went up by 6.67 per cent to close at N16.80, while Regency Alliance Insurance appreciated by 4.35 per cent to close at 24 kobo, per share. On the other hand, International Breweries led the losers’ chart by 8.57 per cent, to close at N3.50, per share. UACN Property Development Company followed with a decline of 8.42 per cent to close at 87 kobo, while FCMB Group shed 7.73 per cent to close at N2.03, per share.

Fidson Healthcare lost 5.41 per cent to close at N3.50, while Japaul Oil and Maritime Service depreciated by 4.76 per cent to close at 20 kobo, per share.

Also, the total volume traded increased by 20.82 per cent to 257.028 million shares, worth N3.320 billion, and traded in 3,567 deals. Transactions in the shares of Custodian Investment topped the activity chart with 49.266 million shares valued at N236.492 million. Guaranty Trust Bank followed with 29.556 million shares worth N739.213 million, while Lafarge Africa traded 23.580 million shares valued at N306.377 million.

FBN Holdings traded 19.629 million shares valued at N100.117 million, while Access Bank transacted 16.383 million shares worth N110.647 million.

However, analysts expect to see some buying interest in the equity market amid anticipated sizable maturities in the debt market scheduled to hit the system this week, given the bearish performance last week.


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