Stock market opens week higher, gains 0.9%

By Philemon Adedeji

Equities market opened the week on  positive  performance as the All-Share Index advanced higher by 470.74 absolute points or 0.92 per cent to close at 51,700.36 points from 51,222.34 index points it closed trade on Friday. Sustained interest in Airtel  Africa (+5.16 per cent) alongside Nigeria Breweries (+1.91 per cent) and First Bank Holdings of Nigeria (+0.45 per cent) contributed to keeping the market in the green, offsetting losses in ZENITH BANK (-0.61 per cent), Guaranty Trust Holding Company (-1.25 per cent) and STANBIC IBTC(-4.33 per cent).

Similarly, the market capitalisation value appreciated by N260.37 billion to close at N28.155 trillion.

Yesterday market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 60.96 per cent.

The Market positive return, Year-to-Date (Y-t-D) printed higher at 0.88 per cent. In 3,900 deals, Investors exchanged 229,218,947 million shares valued at N2.907 billion. STERLING BANK led the volume chart with 85.18 million units traded while Airtel Africa  led the value chart in deals worth N1.03 billion.

As measured by market breadth, market sentiments closed negative as Thomaswy led 11 gainers while Union Bank of Nigeria led 14 others on the laggard’s log.

On the performance board, Thomas watt came as the overall best gainer with 9.28 per cent increased to close at N1.06 per share, Abctrans closely followed with 8.00 per cent increased to close at N0.27 per share, while Royalex Exchange which recorded as the last third gainer went up by 5.88 per cent to close at N1.08 per share.

Airtel Africa which recorded as the last fourth gainer rose by 5.16 per cent to close at  N1.630 per share.

Consolidated Hallmark Insurance which recorded as the last fifth gainer grew by 5.00 per cent increase to close at N0.63 per cent.

On the losers chart, United Bank of Nigeria emerged as the highest price loser which dipped by 8.63 per cent to close at N6.35 per share, followed by Wema Bank which lost 8.21 per cent to close N3.58 per share, while AIICO Insurance which recorded as the last third loser went down by 6.25 per cent to close at N0.60 per share.

Caverton Offshore dropped by 4.95 per cent to close at N0.96 per share.

Stanbic IBTC which recorded as the last fifth loser depreciated by 4.33 per cent to close at N32.00 per share.

Transaction in the shares of Sterling Bank topped the activities chart with 85.177 million shares valued at N119.254 million, United Bank of Africa transacted 21.623 million shares worth N173.308 million, while First Bank Holding of Nigeria traded 20.090 million shares valued at N222.859 million.

Access Corporation accounted 10.324 million shares worth N95.527 million.

Zenith Bank traded 8.292 million shares valued at N202.480 million.