The Nigerian equities market sustained its bullish trajectory to commence trading for the week in an upbeat, as the overall market capitalisation advanced by N400 billion, owing to price appreciation in 45 stocks.
As a result, the all-share index rose by 713.58 points, representing a gain of 0.53 per cent to close at 135,166.51 points. Also, market capitalisation was up by N400 billion to close at N85.455 trillion.
The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are MTN Nigeria Communications (MTNN), UACN, Unilever Nigeria, Lafarge Africa and Okomu Oil.
On market outlook, analysts at Futureview Group said: “We maintain a cautiously optimistic outlook for the equities market this week, with expectations of sustained positive momentum in the absence of any significant negative macroeconomic or market shocks.
Vetiva Dealings and Brokerage said: “We expect optimism to remain broad-based as investors digest the latest earnings results. However, further weakness may persist in the banking space, as market participants lock in recent gains ahead of earnings releases from key names in the sector.”
Market breadth remained positive, with 45 stocks appreciating against 25 decliners. Academy Press emerged the highest price gainer of 9.99 per cent to close at N10.24 kobo. Champion Breweries followed with a gain of 9.98 per cent to close at N13.55 kobo, while Tripple Gee and Company rose by 9.97 per cent to close at N3.86 kobo.
May & Baker Nigeria increased by 9.94 per cent to close at N18.80, while UACN added 9.92 per cent to close at N60.40 kobo.
On the other side, Livestock Feeds led the losers’ chart with 10 per cent to close at N8.10 kobo. The Initiates Plc (TIP) followed with a decline of 9.98 per cent to close at N14.52, while Ellah Lakes shed 9.08 per cent to close at N8.91 kobo.
Nigerian Exchange Group depreciated by 6.02 per cent to close at N75, while Thomas Wyatt Nigeria down by 5.54 per cent to close at N2.90 kobo.
The total volume traded advanced by 11.47 per cent to 795.593 million units, valued at N23.231 billion and exchanged in 37,626 deals. Transactions in the shares of Fidelity Bank led the activity with 123.01 million shares worth N2.584 billion. FCMB Group followed with account of 68.405 million shares valued at N670.144 million, while Japaul Gold & Ventures traded 44.093 million shares valued at N126.77 million.
Zenith Bank traded 31.033 million shares worth N2.249 billion, while Access Holdings traded 29.061 million shares worth N816.795 million.
