Stock market reopens upbeat as index rises 1.38%

NSE<br />Photo: QUARTZ

The local bourse, reopened the week on a positive note yesterday, as buying interest in Dangote Cement, and 29 other stocks pushed the index by 1.38 per cent.

Precisely, at the close of trading on the equities sector of the Nigerian Stock Exchange (NSE), Monday, the All Share Index (ASI), rose by 370.89 points or 1.38 per cent to 27,339.68 points. Accordingly, investors gained N179 billion in value as market capitalisation went up to N13.199 trillion.
   
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which were; Dangote Cement, Flour Mills of Nigeria, Nascon Allied Industries, Guaranty Trust Bank, and Dangote Sugar Refinery.

   
Analysts at Afrinvest Limited said: “Following the recent trend in the market, we expect the market to continue its gaining streak this week.”
   
Market breadth closed positive as 12 stocks posted gains while 14 declined. FCMB Group recorded the highest price gain of 10 per cent to close at N2.09 per share. 
   
Cornerstone Insurance followed with a gain 9.43 per cent to close at 58 kobo, while Unity Bank rose 8.96 per cent to close at 73 kobo, per share.
   
Wema Bank edged 8.82 per cent to close at 74 kobo, while Courteville Business Solutions appreciated by 8.33 per cent to close at 26 kobo, per share.  
   
On the other hand, PZ Cussons Nigeria led the losers’ chart with 9.73 per cent to close at N5.10, per share. 
   
Niger Insurance and Union Diagnostic & Clinical Services followed with 9.09 per cent each, to close at 20 kobo each. Consolidated Hallmark Insurance fell 8.33 to close at 33 kobo per share. 

Fidson Healthcare lost 5.56 per cent to close at N2.55, while Union Bank of Nigeria (UBN) shed five per cent to close at N5.70, per share.
   
The total volume traded declined by 14.5 per cent to 520.43 million shares worth N5.35 billion, traded in 5,784 deals.          
Transactions in the shares of Zenith Bank topped the activity chart with 97.11 million shares valued at N1.91 billion.
   
Universal Insurance followed with 70 million shares worth N14 million.
   
United Bank for Africa (UBA) traded 62.66 million shares valued at N497.65 million.
   
FCMB Group traded 54.86 million shares at N109.98 million, while FBN Holdings transacted 26.39 million shares worth N182.69 million.

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