Nigerian Stocks Open Week Strong with N193b Gain

By Modupe Gbadeyanka

Activities resumed on Monday on a very strong note on the floor of the Nigerian Stock Exchange (NSE) as the market got N193 billion stronger.

This put an end to the two-day bearish runs recorded at the stock market last Thursday and Friday.

Business Post reports that the market capitalisation appreciated today by N193 billion to close at N 8.909 trillion, while the All-Share Index (ASI) finished 557.68 absolute points higher to end at 25,747.05 absolute points.

At the close of trading on Monday, the market breadth ended positive with 18 advancing stocks in contrast to 12 depreciating stocks, while the year-to-date return closed at -4.20 percent.

Dangote Cement led the gainers’ chart today with a gain of N6 to close at N165 per share, while Lafarge grew by N4.71k to end at N50.71k per share on a day the company released its financial statements for the first quarter of 2017.

Other gainers were 7up, which progressed by N4 to finish at N93.95k per share; Nigerian Breweries, which appreciated by N3.39k to end at N123.50k per share; and Stanbic IBTC, which rose by N1.2k to close at N21.49k per share.

On the other side, Nestle slipped by N36.80k to finish at N713.50k per share and Okomu Oil slumped by 90k to close at N46.60k per share.

NASCON declined by 38k to end at N7.36k per share, NAHCO crashed by 7k to close at N2.45k per share, while Portland Paints also fell by the same margin to finish at N1.82k per share.

At the market on Monday, which improved by 2.21 percent, investors traded a total of 212 million shares valued at N1.41 billion transacted in 3,054 deals.