Dipo Olowookere
By Dipo Olowookere
Equities in Nigeria started the new week on a positive note on Monday, closing 0.47 per cent higher on the back of bargain hunting.
The acquisition of some stocks selling at low prices by investors yesterday, which was the last trading session of the month of May, ensured that the market extended the stay of the bulls for another day.
This further expanded the All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited by 180.89 points to 38,437.88 points from 38,256.99 points and increased the market capitalisation by N95 billion to N20.035 trillion from N19.940 trillion.
Business Post reports that despite the market closing bullish, investor sentiment remained weak as there were 23 price losers compared with the 17 price gainers, indicating a negative market breadth.
MRS Oil topped the gainers’ chart after its value rose by 9.57 per cent to N12.60, followed by Vitafoam, which gained 8.91 per cent to sell for N11.00.
Chams appreciated by 5.00 per cent to trade at 21 kobo, PZ Cussons improved by 3.77 per cent to quote at N5.50, while AIICO Insurance increased by 3.45 per cent to close at N1.20.
On the flip side, Royal Exchange led the losers’ table after its price went down by 9.88 per cent to 73 kobo and was trailed by Consolidated Hallmark Insurance, which dropped 9.59 per cent to sell at 66 kobo.
Neimeth depreciated by 8.51 per cent to N1.72, Mutual Benefits Assurance lost 8.33 per cent to trade at 44 kobo, while Regency Alliance went down by 8.16 to close at 45 kobo.
At the close of transactions, the insurance and consumer goods sectors lost 0.51 per cent and 0.21 per cent respectively, while industrial goods, banking and energy sectors appreciated by 1.13 per cent, 0.32 per cent and 0.01 per cent respectively.
It was observed that Veritas Kapital was the most traded stock on Monday as it sold 29.8 million units valued at N6.0 million, while Fidelity Bank trailed with 24.5 million units valued at N54.2 million.
Zenith Bank transacted 20.9 million units worth N481.2 million, Access Bank exchanged 15.4 million units for N126.4 million, while FBN Holdings traded 10.1 million units valued at N72.3 million.
When the trading session was brought to an end, a total of 201.9 million shares worth N2.1 billion were traded in 3,827 deals in contrast to the 228.7 million shares worth N3.7 billion traded in 3,318 deals at the preceding session, signifying that the trading volume went down by 11.73 per cent, the trading value dropped 42.26 per cent and the number of deals rose by 15.34 per cent.
