NSE’s indices resume week with 0.17% growth

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NSE’s indices resume week with 0.17% growth
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The Nigerian equities market resumed trading for week upbeat on Monday with key indicators improving by 0.17 per cent.

Consequently, the All-Share Index garnered 64.96 points or 0.17 per cent to close at 39,396.57 compared with 39,331.61 recorded on Friday.

Similarly, the market capitalisation rose by N34 billion or 0.17 per cent to close at N20.612 trillion in contrast with N20.578 trillion posted on Friday.

The uptrend was also driven by price appreciation in medium and large capitalised stocks amongst which are: Lafarge Africa, Ardova, FBN Holdings, Access Bank and Champion Breweries

Analysts have expressed optimism that the stock market would witness a rebound in the absence of the Nigerian Treasury Bill auction this week.

They said the absence of an NTB auction this week would calm the surge in yields and provide some temporary respite for equities.

A breakdown of the price movement chart indicates that 26 stocks recorded price appreciation in contrast to 15 laggards.

Ardova and Linkage Assurance dominated the gainers’ chart in percentage terms, growing by 10 per cent each to close at N14.85 and 55k per share, respectively.

Oando rose by 9.43 per cent to close at N2.90, while Morison Industries, Cornerstone Insurance and Wema Bank gained 9.09 per cent each to close at 72k, 60k and 60k per share, respectively.

On the other hand, Meyer Plc led the losers’ chart in percentage terms, dropping by 10 per cent to close at 45k per share.

Livestock Feeds followed with 9.87 per cent to close at N2.01, while SCOA depreciated by 9.85 per cent to close at N2.38 per share.

Ikeja Hotel dipped 9.48 per cent to close at N1.05, while NEM Insurance shed 6.88 per cent to close at N1.76 per share.

Transactions declined by 49.38 per cent with an exchange of 297.27 million shares valued at N3.15 billion in 4,655 deals as against 587.74 million shares worth N13.62 billion exchanged in 4,895 deals on Friday.

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