Stock Market Gains 0.08% Amid Drop in Trading Value to N2.5bn

Stock Investors

By Dipo Olowookere

Trading activities on the floor of the Nigerian Stock Exchange (NSE) closed bullish on the first trading session of the new week on Monday.

The market appreciated by 0.08 per cent when transactions were brought to an end at 2:30pm. It was observed that the bourse was looking to close bearish yesterday, but the buying pressure on stocks in the energy, consumer goods and banking sectors overturned this.

Business Post reports that at the close of business, the energy counter gained 0.85 per cent, the consumer goods space rose by 0.46 per cent, while the banking index grew by 0.19 per cent. Only the insurance sector closed negative with a 0.72 per cent loss, while the industrial goods space closed flat.

But the All-Share Index (ASI) appreciated on Monday by 30.56 points to settle at 40,150.78 points in contrast to the previous 40,120.22 points, while the market capitalisation increased by N16 billion to close at N20.994 trillion versus N20.978 trillion it ended last Friday.

During the trading day, investors traded 335.7 million stocks worth N2.5 billion in 5,338 deals as against the 333.3 million equities valued at N3.7 billion traded the preceding session in 5,142 deals.

This indicated a 31.75 decline in the trading value, a 0.72 per cent rise in the trading volume and a 3.81 per cent increase in the number of deals.

Further insight into the activity chart showed that Mutual Benefits was the most active stock during the session, trading 104.2 million units valued at N31.0 million.

Axa Mansard Insurance exchanged 26.3 million shares valued at N30.4 million, Lafarge Africa traded 14.4 million stocks worth N320.5 million, Fidelity Bank sold 13.4 million equities for N36.1 million, while Zenith Bank traded 13.4 million stocks valued at N344.7 million.

On the price movement chart, Ardova topped the price risers’ gang on Monday with N1.60 added to its share price to close at N17.95 per unit.

Presco gained N1 to finish at N72 per share, Flour Mills grew by 75 kobo to sell at N27.45 per unit, Berger Paints appreciated by 70 kobo to close at N8.05 per share, while Okomu Oil increased by 50 kobo to N93 per unit.

On the flip side, BOC Gases lost N1.26 to finish at N11.39 per share, Cutix depreciated by 24 kobo to sell for N2.16 per unit, United Capital declined by 17 kobo to trade at N4.83 per share, GTBank dropped 15 kobo to close at N32.85 per unit, while Caverton went down by 14 kobo to settle at N1.84 per share.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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