Concerns that transactions on the floor of the Nigerian Stock Exchange (NSE) would start the new trading week with profit taking evaporated as strong buys from investors drove market’s All Share Index (ASI) up 0.93 per cent to close Monday’s session at 25,250.20 points.
This was even as the shares of BUA Cement, MTNN and Nigerian Breweries appreciated, resulting in investors pocketing N121 billion to close at N13.171 trillion from N13.050 trillion recorded on Friday.
Similarly, the market’s year-to-date (ytd) return moderated to -5.9 per cent. However, activity level was mixed as the average volume of stocks advanced by 7.5 per cent to 230.49 million units while value traded declined by 13.9 per cent to N2.16 billion, exchanged in 4,621 deals. On the price chart, 31 stocks appreciated in value while 11 others depreciated. Wapic led the gainers’ chart with 10 per cent to close at 0.33 kobo per share, Fidson was next with 9.80 per cent to close at N3.25, ABC Transport increased by 9.76 per cent to close at 0.45 kobo, Neimeth rose by 9.60 per cent to close at N1.94 while Chip Plc garnered 9.52 per cent to close at 0.46 kobo.
Japaul Oil led the losers’ chart with 10 per cent to close at 0.27 kobo per share. Cornerstone followed with 9.09 per cent to close at 0.50 kobo, Chams dropped 7.41 per cent to close at 0.25 kobo, Transcorp lost 5.19 per cent to close at 0.73 kobo while Courtville declined by 4.76 per cent to close at 0.20 kobo.
FBN Holdings topped the activity chart with the sale of 34.50 million shares valued at N188.34 million. GT Bank traded 22.81 million shares worth N550.13 million while Japaul oil transacted 21.21 million shares valued at N6.36 billion. Reacting to the performance of the market yesterday, analysts at Afrinvest, said they expected a mixed performance for the week as market still presents opportunities for bargain hunting and profit taking.
