Kayode Tokede
The Nigerian stock market opened the week on a strong note, extending the gains from the prior session as demand for Dangote Cement Plc and 53 others appreciated investors’ investments by N3.2 trillion.
Following a 8.08 per cent gain in Dangote Cement, the Nigerian Exchange Limited All-Share Index (NGX ASI) gained 4,937.89 basis points or 2.15 per cent to close at 234,178.23 basis points with the Month-to-Date and Year-to-Date returns settled higher at +2.1per cent and +50.5per cent, respectively.
Also, market capitalisation rose by N3.2 trillion to close at N150.271 trillion.
Analysing by sectors, the Industrial Goods (+4.9per cent), Oil and Gas (+4.2per cent), Banking (+3.1per cent), Insurance (+2.7per cent) and Consumer Goods (+0.6per cent) indices advanced.
Investor sentiment was strongly positive as measured by market breadth, as 54 advancers comfortably outpaced 11 decliners. First Holdco and Wema Bank emerged the highest price gainer of 10 per cent each to close at N60.50 and N29.70, while Aradel Holdings followed with a gain of 9.99 per cent to close at N1,403.30, per share.
Nigerian Exchange Group rose by 9.96 per cent to close at N129.75, while Veritas Kapital Assurance up by 9.92 per cent to close at N1.44, per share.
On the other side, Nigerian Aviation Handling Company (NAHCO) and Vitafoam Nigeria led others on the losers’ chart with 10 per cent each to close at N133.65 and N170.10 respectively, while CAP followed with a decline of 9.99 per cent to close at N157.60, per share
Fortis Global Insurance shed 9.94 per cent to close at N2.90, while Thomas Wyatt Nigeria lost 9.45 per cent to close at N2.75, per share.
Also, the total volume traded gained 18.40 per cent to 538.639 million units, valued at N38.701 billion, and exchanged in 64,065 deals. Transactions in the shares of Zenith Bank led the activity with 89.456 million shares worth N9.767 billion. Guaranty Trust Holding Company (GTCO) followed with account of 42.477 million shares valued at N5.395 billion, while Fidelity Bank traded 35.783 million shares valued at N636.375 million.
Access Holdings traded 31.004 million shares worth N720.995 million, while Jaiz Bank traded 16.619 million shares worth N133.360 million.
On market outlook, United Capital Plc said, “the Recovery recorded last Friday maybe sustained during the week. Banking should stay comparatively resilient on the back of the ongoing recapitalisation drive. Consumer Goods and Insurance could offer relative safety for investors rotating into more defensive names. Overall direction will likely hinge on stock-specific earnings positioning ahead of H2 results season.”
