Nigerian equity market gains 0.89%

BUACEMENT, STANBIC, INTBREW and 23 other gainers spurred the Nigerian equity market to rally on Monday after ending last week on a declining note.

The All-Share Index increased by 340.48 absolute points or 0.89% to close at 38,722.87 points, year-to-date loss moderated to -3.8% and market capitalisation gained ₦178.1billion to close ₦20.3trillion.

The volume and value equities which investors exchanged dropped 4.6% and 24.0% respectively to 277.2million units and ₦3.1billion with the most traded stocks by volume were UBN (79.9m units), GUARANTY (36.1m units) and FBNH (33.3m units) and while GUARANTY (₦1.1bn), ZENITH (₦562.5m) and UBN (₦423.4m) topped by value.

The Industrial Goods sector was the most bullish, appreciating 2.1%, driven BUACEMENT (+5.1%) as the Insurance and Consumer Goods sectors rose 0.4% and 0.3% respectively on the back of gains in MANSARD (+1.0%), LASACO (+3.3%), INTBREW (+5.9%) and VITAFOAM (+3.9%).

However, sell-offs in UBA (-3.5%) dragged the Banking sector down 0.01%, while the AFR-ICT index closed flat.

JBERGER (+10.0%), STANBIC (+10.0%) and UACN (+6.7%) were the top gainers while CHAMPION (-8.2%), JAIZBANK (-4.5%) and JAPAULGOLD (-4.1%) were the top decliners.