The Nigerian stock market on Monday opened the week on sustained bullish sentiment with a gain of N1.244 trillion.
Consequently, the All Share Index (ASI) gained by 2,272.79 points, representing a growth of 2.22 per cent to close at 104,674.67 points. Also, market capitalisation gained N1.244 trillion to close at N57.282 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, BUA Cement, Berger Paints, Oando and Nigerian Aviation Handling Company (NAHCO).
This week, United Capital Plc said “we expect positive investors’ sentiments to dominate the local equities market as the full year 2023 earning season comes to full swing.
“This will essentially be subject to the financial performance of listed corporates in full year, 2023. We strongly anticipate impressive outings among banks given the impact of the Foreign Exchange (FX) revaluation gains and elevated interest rate environment in 2023. Thus, we expect an increased appetite among investors for corporates in the financial services sector, particularly the Banks.”
However, as measured by market breadth, market sentiment was negative, as 24 stocks gained relative to 38 losers. Oando recorded the highest price gain of 9.96 per cent to close at N13.80, per share. Dangote Cement followed with a gain of 9.93 per cent to close at N763.00, while Tripple Gee and Company rose by 9.89 per cent to close at N3.11, per share.
Berger Paints up by 9.81 per cent to close at N17.35, while Royal Exchange appreciated by 8.97 per cent to close at 85 kobo, per share.
On the other hand, DAAR Communications and Ikeja Hotels led the losers’ chart by 10 per cent each to close at 81 kobo and N6.75 respectively, while Cadbury Nigeria followed with a decline of 9.80 per cent to close at N20.70, per share.
NPF Microfinance Bank depreciated by 8.88 per cent to close at N1.95, while Ellah Lakes declined by 8.48 per cent to close at N3.02, per share.
The total volume traded rose by 32.84 per cent to 689.928 million units, valued at N25.938 billion, and exchanged in 15,887 deals.
Transactions in the shares of Japaul Gold & Ventures topped the activity chart with 83.865 million shares valued at N269.573 million. Transnational Corporations (Transcorp) followed with 42.804 million shares worth N690.449 million, while Zenith Bank traded 34.541 million shares valued at N1.462 billion.
Access Holdings traded 967.684 million shares valued at N496.686 million, while Guaranty Trust Holding Company (GTCO) sold 33.345 million shares worth N1.501 billion.
