Nigerian Stocks Open Week Bullish With 0.26% Appreciation

By Dipo Olowookere

Trading activities resumed on the floor of the domestic stock market after the weekend break on Monday and the positive momentum continued.

Yesterday, Nigerian stocks further appreciated by 0.26 per cent on the back of sustained buying pressure, triggered by the decision of the federal government to set up a team on the implementation of the new tax laws expected to take effect next month.

The commodity and energy indices were flat during the session, while the insurance space rose by 1.83 per cent, the banking index went up by 0.94 per cent, the industrial goods space increased by 0.28 per cent, and the consumer goods sector grew by 0.08 per cent.

As a result, the All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited chalked up 387.88 points to finish at 147,427.95 points from 147,040.07 points and the market capitalisation was up by N248 billion to N93.970 trillion from N93.722 trillion.

Morison Industries led the gainers’ chart with a price appreciation of 9.89 per cent to close at N3.89, NPF Microfinance Bank gained 9.85 per cent to end at N3.01, Sovereign Trust Insurance expanded by 9.31 per cent to N3.17, Caverton advanced by 9.18 per cent to N5.35, and Chams soared by 7.84 per cent to N3.30.

The losers’ table was topped by DAAR Communications after giving up 7.14 per cent to quote at 91 Kobo, Livestock Feeds slipped by 6.25 per cent to N6.00, NAHCO shrank by 6.10 per cent to N100.00, Union Dicon depreciated by 4.76 per cent to N6.00, and Jaiz Bank crashed by 3.43 per cent to N4.50.

Business Post reports that 41 shares were in green yesterday and 15 shares in red, representing a positive market breadth index and strong investor sentiment.

The most active stock on Customs Street on the first trading day of this week was FCMB with 129.7 million units worth N1.4 billion, Japaul traded 63.7 million units valued at N139.1 million, Zenith Bank exchanged 42.0 million units for N2.7 billion, Fidelity Bank sold 36.9 million units valued at N700.7 million, and Access Holdings transacted 28.6 million units worth N611.1 million.

At the close of trades, a total of 550.9 million units valued at N13.9 billion exchanged hands in 30,090 deals compared with 361.6 million units worth N14.8 billion traded in 21,051 deals last Friday, showing a reduction in the trading value by 6.08 per cent, and a surge in the trading volume and number of deals by 52.35 per cent and 42.94 per cent apiece.