Equities kick-start week bullish as investors gain over N250bn

By Chinwendu Obienyi

Despite last week’s downtrend, Nigeria’s stock market resumed trading on a positive note due to gains recorded in high capitalised stocks on Monday.

Sustained interest in Airtel Africa (+5.16 per cent) alongside Nigerian Breweries (+1.91 per cent) and FBN Holdings (+0.45 per cent) contributed to keeping the market in the green, offsetting losses in Zenith Bank (-0.61 per cent), GTCO (-1.25 per cent) and Stanbic (-4.33 per cent). 

This resulted in the market’s All Share Index (ASI) rising by 0.93 per cent to close at 51,700.36 points while market capitalization closed at N28.155 trillion from an opening value of N27.899 trillion, representing a gain of N256 billion

Consequently, the year-to-date (YTD) return rose to 0.88 per cent. At the close of trading yesterday, the volume of stocks traded stood at 229.22 million shares valued by N2.91 billion were exchanged in 3,900 deals.

Reacting to the development, market operators said they expect bargain hunting activities to take centre stage at the trading session.

Sterling Bank was the most active stock, transacting 85.177 million units worth N119.25 million. UBA followed with the sale of 21.62 million units valued at N173.30 million, while FBN Holdings sold 200.90 million units valued at N222.86 million.

Meanwhile, Thomas Wyatt led 17 others on the gainers’ chart with 9.28 per cent to close at N1.06 per share. ABC Transport was next with a gain of 8 per cent to close at 0.27 kobo, Royal Exchange gained 5.88 per cent to close at N1.08, Airtel Africa garnered 5.16 per cent to close at N1,630, while Chip Plc appreciated by 5 per cent to close at 0.63 Kobo.

On the flipside, Union Bank led 15 others losers with 8.63 per cent to close at N6.35 per share. Wema Bank followed with 8.21 per cent to close at N3.58, AIICO dropped by 6.25 per cent to close at 0.60 Kobo, Caverton declined by 4.95 per cent to close at 0.96 kobo while Stanbic lost 4.33 per cent to close at N32.