September 28, 2020

Positive sentiment: Stock market opens week with N99bn growth

Positive sentiment: Stock market opens week with N99bn growth

The Nigerian Stock Exchange (NSE) resumed trading on Monday with a growth of N99 billion following gains by some blue chips.

Specifically, the market capitalisation which opened at N13.754 trillion inched higher by N99 billion or 0.72 per cent to close at N13.853 trillion.

Also, the NSE All-Share Index grew by 188.50 points or 0.72 per cent to close at 26,507.84 compared with 26,319.34 achieved on Friday.

The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Total, MTN Nigeria Communications, Okomu Oil, BUA Cement and Lafarge Africa.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the rally to investors reactions to the aftermath of the Monetary Policy Committee meeting.

Omordion said that investors were moving their funds to the equities market due to declining returns in the fixed income securities.

Market sentiment remained positive with 22 stocks gainers against seven losers.

Total dominated the gainers’ chart in percentage terms, gaining 10 per cent to close at N88 per share.

Champion Breweries followed with 9.88 per cent to close at 89k, while Oando rose by 9.85 per cent to close at N2.23 per share.

AIICO Insurance rose by 9.72 per cent to close at 79k, while Consolidated Hallmark Insurance appreciated by 8.82 per cent to close at 37k per share.

Conversely, UACN Property Development led the losers’ chart in percentage terms, losing 10 per cent to close at 90k per share.

University Press followed with a loss of 6.34 per cent to close at N1.33, while Caverton lost 5.98 per cent to close at N1.73 per share.

May and Baker Nigeria lost 5.54 per cent to close at N2.90, while Wema Bank shed 3.64 per cent to close at 53 kobo, per share.

Also, the total volume of shares traded improved marginally with an exchange of 336.83 million shares worth N4.029 billion traded in 4,602 deals.

This was in contrast with a turnover of 335.75 million shares valued at N4.28 billion transacted in 4,231 deals on Friday.

Transactions in the shares of Zenith Bank topped the activity chart with 89.51 million shares worth N1.55 billion.

Sterling Bank sold 72.26 million shares valued at N85.30 million, while United Bank for Africa traded 42.35 million shares valued at N258.98 million.

FCMB Group accounted for 27.85 million shares worth N58.39 million, while Guaranty Trust Bank transacted 14.66 million shares valued at N396.22 million. (NAN)