Nigerian Exchange extends uptrend, gains 0.05%

The Nigerian equity market uptrend continued on Monday, increasing by 0.05 per cent on the back of renewed investors’ interest in Eterna and 22 others.

The All Share Index (ASI) increased by 21.88 basis points, representing a growth of 0.05 per cent to close at 40,243.05 basis points. Similarly, the market capitalisation gained N14 billion to close at N20.970 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Eterna, United Capital, AXA Mansard Insurance, Pharm-Deko and FBN Holdings (FBNH).

On market performance this week, United Capital Plc expected some profit-taking on the bourse amid last week’s rally.

Consequently, the market breadth closed positive, recording 23 gainers as against 14 losers. AXA Mansard Insurance recorded the highest price gain of 9.87 per cent, to close at N2.56, per share. Pharm-Deko followed with a gain of 9.79 per cent to close at N2.58, while University Press appreciated by 9.76 per cent to close at N1.35, per share.

Consolidated Hallmark Insurance went up by 8.77 per cent to close at 62 kobo, while Courteville Business Solutions appreciated by 8.57 per cent to close at 38 kobo,  per share. On the other hand, Morison Industries led the losers’ chart by 10 per cent to close at N1.89, per share. Northern Nigeria Flour Mills (NNFM) followed with a decline of 9.94 per cent to close at N7.70, while Veritas Kapital Assurance shed 8.70 per cent to close at 21 kobo, per share.

Cornerstone Insurance shed 8.62 per cent to close at 53 kobo, while Jaiz Bank depreciated by five per cent to close at 57 kobo, respectively.

However, the total volume of trades dipped by 80.7 per cent to 202.356 million shares, worth N1.864 billion, and traded in 4,066 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 18.592 million shares valued at N46.769 million. Guaranty Trust Holding Company (GTCO) followed with 18.266 million shares worth N512.415 million, while FBNH traded 18.145 million shares valued at N147.867 million.

Universal Insurance traded 15.477 million shares valued at N3.225 million, while Champion Breweries transacted 14.192 million shares worth N29.094 million.