The Nigerian Exchange Limited (NGX) kicked off the week’s trading on a positive note following share price appreciation in Oando Plc and 31 others as market capitalisation appreciated by N10 billion.
The benchmark all-share index (ASI) improved by 16.68 points, representing a gain of 0.02 per cent to close at 102,370.36 points.
Similarly, the overall market capitalisation value was up by N10 billion to close at N62.861 trillion.
The market positive performance was driven by price appreciation in large and medium capitalised stocks which are Oando, Transnational Corporation, National Salt Company of Nigeria (NASCON) Allied Industries, Lafarge Africa and NEM Insurance.
Analysts at United Capital Plc said: “We expect mixed sentiments in the market for risk-asset classes, as the expected primary market auction will look to divert a considerable amount of investors’ interest.
“Investors are advised to trade cautiously this week, with a strict focus on equities with strong fundamentals and pending/potential corporate actions.”
Investor sentiment, as measured by market breadth closed positive as 32 stocks advanced while 26 declined. Caverton Offshore Support Group recorded the highest price gain of 10 per cent to close at N2.42 kobo, while Wapic Insurance followed with a gain of 9.91 per cent to close at N2.44 kobo.
SCOA Nigeria appreciated by 9.68 per cent to close at N2.72 kobo, while UPDC and Universal Insurance rose by 9.52 per cent each to close at N1.84 kobo and 69 kobo respectively.
On the other hand, Eunisell Interlinked led the losers’ chart by 10 per cent to close at N14.06 kobo. John Holt followed with a decline of 9.63 per cent to close at N9.20 kobo, while Secure Electronic Technology shed 8.99 per cent to close at 81 kobo.
Honeywell Flour Mills declined by 7.58 per cent to close at N9.15 kobo, while PZ Cussons Nigeria shed six per cent to close at N23.50 kobo.
Also, the total volume of trade increased by 304.48 per cent to 1.326 billion units, valued at N17.667 billion, and exchanged in 13,891 deals.
Transactions in the shares of Wema Bank topped the activity chart with 980.038 million shares valued at N9.8 billion.
Universal Insurance followed with 31.318 million shares worth N21.201 million, while AIICO Insurance traded 22.147 million shares valued at N36.854 million.
Oando traded 19.818 million shares valued at N1.481 billion, while Zenith Bank transacted 19.704 million shares worth N925.983 million.
