NSE market cap resume week with N122bn gain

The Nigerian Stock Exchange (NSE) equities market segment opened the week in the green, as market capitalization gained N122billion from N13.05trillion it closed last week to N13.17trillion.

Consequently, the NSE All-Share Index closed up by 0.93 per cent to close at 25,249.96 basis points from 25,016.30 basis points it closed last week.

The performance was driven by investors’ interest in BUA Cement (+3.8per cent), MTN Nigeria plc (+1.7per cent) and some Tier 1 bank shares that appreciated at share prices.

Thus, Month-to-Date and Year-to-Date losses moderated to -0.1 per cent and -5.9per cent, respectively.

Sector performances were majorly positive on Monday as Industrial Index gained 2.39per cent to 1,194.72basis points from previous 1,166.83 basis points as Banking Index rose by 1.09per cent to 301.88 basis points from 298.62 basis points it opened for trading on Monday.

Oil & Gas Index also gained 0.24 per cent from 225.76 basis points from 225.22 basis points and Consumer Goods gained 0.04 per cent 426.24 basis points from 426.07 basis points to put key sectors in green.

In Monday’s trade, the market breadth index was notably positive with 31 gainers against 11 losers.

WAPIc Insurance top gainers, gaining 10 per cent to close at N0.33 from N0.33 while FIDSON Healthcare appreciated by 9.80 per cent to N3.25 from N2.96 it closed last week.

ABC Transport added 9.76 per cent to N0.45 from N0.41 while Neimeth rose by 9.60 per cent to N1.94 from N1.77 per share.

On the losers’ chart, Japaul Maritime dropped gt 10 per cent to N0.27 from N0.30 while Cornerstone Insurance plc depreciated by 9.09 per cent to N0.50 from N0.55 it opened for trading on Monday.

Also on the losers’ chart, Chams Plc down by 7.41 per cent to N0.25 from N0.27 while Trascorp declined by 5.19 per cent to N0.73 from N0.77 per share.

In terms of activity levels, while total volume rose by seven per cent, total value declined by 14per cent compared to last week Friday as investors exchanged over 230million units of shares worth over N2.17billion. FBNH (+1.85per cent) was the most actively traded stock with about 34million units of shares worth about N188million.

According to analysts at InvestmentOne Research, “The equities market closed positive today on the back of the gains recorded in all sectors.

“Although market sentiments have tilted positive over the past few weeks, we retain our stance that this may be one of the best periods to pick up some quality names with a medium to long term horizon.

“We urge our clients to be cautious and only take positions in fundamental names.”