Equities market rose by 0.47% to open week positive

By Kayode Tokede

Transactions on the Nigerian stock market on Monday closed on a positive note, as bulls extended the winning streak to five consecutive trading sessions on the positive performance of Airtel Africa and 28 others.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) grew by 181.18 basis  points or 0.47 per cent to close at 38,849.08 basis points from 38,667.90 basis points the equities market opened for trading.. Similarly, the overall market capitalisation value gained N94 billion to close at N20.241 trillion compared to the opening value of N20.15 trillion

The market upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Airtel Africa, Julius Berger, Ardova, Lafarge Africa and UAC of Nigeria (UACN).

For this week, analysts at Afrinvest Limited expected the positive momentum to be sustained, as more impressive first half (H1), 2021 earnings results are churned out.”

As measured by market breadth, market sentiment was positive, as 29 stocks gained, relative to 16 losers. Oando recorded the highest price gain of 9.82 per cent to close at N4.36, per share. FTN Cocoa Processors followed with a gain 9.76 per cent to close at 45 kobo, while Ardova went up by 9.75 per cent to close at N17.45, per share.

BOC Gases rose by 9.74 per cent to close at N8.45, while Livestock Feeds  gained 9.64 per cent to close at N2.16, per share. On the other hand, Universal Insurance led the losers’ chart by 9.09 per cent to close at 20 kobo, per share. Linkage Assurance followed with a decline of 7.14 per cent to close at 65 kobo, while Sovereign Trust Insurance lost 6.90 per cent to close at 27 kobo, per share.

Africa Prudential lost 6.52 per cent to close at N6.45, while Regency Alliance Insurance shed 6.25 per cent to close at 45 kobo, per share.

The total volume of trades rose by 7.08 per cent to 246.556 billion units, valued at N2.243 billion, and exchanged in 4,676 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 30.544 million shares valued at N73.766 million. Access Bank followed with 14.714 million shares worth N136.722 million, while United Bank for Africa (UBA) traded 13.844 million shares valued at N108.646 million.

Guaranty Trust Bank Holding Company (GTCO) traded 12.761 million shares valued at N378.319 million, while Wema Bank transacted 11.265 million shares worth N9.806 million.