Nigerian Stocks Open Week Bullish Despite Drop in Turnover

By Modupe Gbadeyank

Activities resumed for the new week on Monday on the floor of the Nigerian Stock Exchange (NSE) with the market extending its positive run from last Friday.

Though the stock market recorded 10 advancers against 20 losers, yet the market went up by 0.34 percent.

Also, the volume of shares traded on the floor of the NSE on Monday depreciated by 370 million units, indicating a decline of 77.08 percent from what was achieved at the last trading day.

At the close of trading activities last Friday, investors staked N2 billion on 480 million shares executed in 2,713 deals, while today, investors exchanged a total of 110 million shares valued at N986 million in 2,160 deals.

Business Post reports that the all-share index recorded a growth of 84.58 points to finish at 25,249.49 points, while the market capitalisation added N29.3 billion to finish at N8.74 trillion.

Nigerian Breweries led the top gainers at the market going up by N4.81k to close at N119.81k per share.

PZ Cussons grew by N1.21k to finish at N14.60k per share and NASCON improved by 32k to end at N7.35k per share.

Likewise, Guinness gained 15k to close at N61.10k per share, while UAC Property advanced by 5k to finish at N1.99k per share.

However, Forte Oil emerged the biggest loser dropping N2.97k to end at N56.24k per share, while UACN followed by going down by 71k to close at N13.64k per share.

Also, International Breweries fell by 18k to finish at N15.97k per share, First Bank depreciated by 13k to close at N3.17k per share and NAHCO lost 12k to end at N2.45k per share.

At the activity chart, UCAP emerged the leader accounting for 17 million shares traded at N63.4 million, while Zenith Bank followed exchanging 16 million units for N241 million.

As the market resume for another trading day on Tuesday, investors are optimistic that the positive trend will be extended again.