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Nigeria’s stock market carried on last week’s bullish run as its All-Share Index (ASI) rose above the 80,000 psychological mark, advancing by 0.8 per cent to 80,324.53 points, extending its bright and positive start to the year.
The gain was buoyed by strong buying interests in Tier-1 banks namely, Zenith Bank, GTCO, and UBA, which kept the market in the green, offsetting selloffs in Stanbic, Nigerian Breweries and Fidelity Bank.
As a result, the year-to-date (YTD) return rose to 7.42 per cent, while market capitalization gained N368.31 billion to close at N43.96 trillion. Across the sectors of the market, gains in the Insurance (+6.3 per cent), Banking (+2.2 per cent), Industrial Goods (+0.7 per cent), Oil & Gas (+0.6 per cent), and Consumer Goods (+0.1 per cent) indices reflected the overall market performance.
At the close of trading on Monday, the total volume of stocks traded increased by 33.3 per cent to 1.19 billion units, valued at N15.26 billion, and exchanged in 16,081 deals. TRANSCORP was the most traded stock by volume and value at 298.30 million units and NGN4.08 billion, respectively.
As measured by market breadth, market sentiment was positive as 53 stocks gained relative to 17 losers. Cornerstone (+10.0 per cent) and CUTIX (+10.0 per cent) topped the gainers’ list, while DAAR Comms (-9.3 per cent) and Eterna oil (-8.8 per cent) recorded the most significant losses of the day.
