NSE market indices open week with 0.31% growth

The Nigerian Stock Exchange (NSE) opened trading for the week on Monday with a growth of 0.31 per cent.

Specifically, the market capitalisation inched N48 billion or 0.31 per cent to close at N15.304 trillion against N15.256 trillion achieved on Friday.

Also, the All-Share Index which opened at 29,618.52 increased by 92.04 points or 0.31per cent to close at 29,710.56.

The upturn was largely boosted by capital appreciation recorded in the shares of the following mid and large capitalised stocks: Total Nigeria, MTN Nigeria, BUA Cement, Cadbury Nigeria and NASCON.

On market expectations this week, analysts at United Capital Plc expected interest in Tier-one banks, especially Access Bank which recently got approval for an expansion into Kenya, and key counters such as Dangote Cement, to sustain momentum in the market.

They also stated that demand for the dividend-paying stocks ahead of full-year results would continue to drive investors demand.

Reseachers at Afrinvest Limited also expected gains in the local bourse to persist noting that “there is a possibility for investors to take profit in the near term.”

Market breadth closed positive with 22 stocks gainers and 12 stocks decliners.

Law Union and Rock Insurance led the gainers’ chart in percentage terms with gain of 10 per cent, to close at 55k per share.

Total Nigeria followed with a gain 9.35 per cent to close at N117, while Cadbury appreciated by 8.50 per cent to close at N10.85 per share.

Caverton grew by 6.87 per cent to close at N2.80, while Jaiz Bank appreciated by 6.15 per cent to close at 69k per share.

Conversely, NCR Nigeria led the losers’ chart in percentage terms, dropping by 9.88 per cent to close at N3.65 per share.

Nestle came second with a decline of 6.12 per cent to close at N1,380, while Unity Bank dipped 5.80 per cent to close at 65k per share.

Oando lost 4.86 per cent to close at N3.52, while Courteville shed 4.17 per cent to close at 23k per share.

In spite of growth posted by market indices, the turnover of shares traded closed lower with an exchange of 266.95 million shares worth N4.18 billion in 5,052 deals.

This was in contrast with a total of 324.97 million shares valued at N3.55 billion transacted in 4,175 deals on Friday.

Transactions in the shares of Access Bank topped the activity chart with 37.84 million shares worth N408.59 million.

Zenith Bank sold 34.997 million shares valued at N790.41 million, while Guaranty Trust Bank traded 33.60 million shares worth N1.15 billion.

FBN Holdings accounted for 22.81 million shares valued at N171.89 million, while United Bank for Africa transacted 18.07 million shares worth N160.69 million. (NAN)