Market grows by 1.7% as trading resumes

The first trading session of the week opened bullish following the 1.73 per cent growth recorded by the Nigerian Stock Exchange (NSE) market on Monday.

The outcome was mainly influenced by positive price movement in the shares of Airtel Africa, Dangote Cement and 24 other equities having ended on a depreciating note last week as the bullish run was halted following sustained profit taking.

However, the market appreciated on Monday with the All-Share Index (ASI) growing by 1.73 per cent to close at 34,843.44. In a similar trend, market capitalisation added N309.8 billion to close at N18.2 trillion.

At the close of trading, the bulls visited 26 stocks compared with 14 bears that appeared in the market. Bellwethers such as Airtel Africa Plc, Dangote Cement Plc and Lafarge Africa Plc were among the price gainers.

Airtel Africa Plc led the price gainers’ table with 10 per cent, trailed by Royal Exchange Plc with 9.5 per cent.

AIICO Insurance Plc chalked up 9.5 per cent just as FTN Cocoa Processors Plc and Neimeth International Pharmaceuticals Plc garnered 9.0 per cent, just as Mutual Benefits Assurance Plc and Coronation Insurance Plc gained 8.3 per cent and 7.6 per cent respectively. BOC Gases Plc and GlaxoSmithkline Consumer Nigeria Plc appreciated by 6.3 per cent and 6.1 per cent in that order.

Conversely, Prestige Assurance Plc led the price losers with 10 per cent, trailed by International Breweries Plc with 9.8 per cent. Cutix Plc and NASCON Allied Industries Plc shed 9.4 per cent and 9.3 per cent respectively. Jaiz Bank Plc, Ardova Plc and Union Bank of Nigeria Plc went down by 8.8 per cent, 6.5 per cent and 5.5 per cent respectively.

In terms of sectoral performance, the NSE Industrial Goods Index led the gainers with 1.5 per cent, trailed by the Insurance Index with a gain of 1.3 per cent. On the flip side, the NSE Consumer Goods Index fell by 0.9 per cent. The NSE Banking Index and NSE Oil & Gas Index lost 0.3 per cent apiece.

At the close of transactions, a total of 208.1 million stocks worth N3.7 billion exchanged hands in 4,154 deals in contrast to the 796.1 million shares worth N4.5 billion transacted last Friday in 4,810 deals, indicating 73.86 decline in the trading volume, 17.13 per decline in the trading value and 13.64 per cent decline in the number of deals.