Kayode Tokede
The Nigerian stock market yesterday sustained its positive momentum, advancing by N1.86 trillion as investors renewed interest in MTN Nigeria Communications Plc, Dangote Cement Plc, and 52 others.
As the stock price of MTN Nigeria Communications gained 2.62 per cent to close at N780.00 per share, Dangote Cement’s stock price advanced by 5.40 per cent to close at N1,015.00 per share, the market capitalization gained N1.86 trillion to close at N152.136 trillion from N150.271 trillion it opened for trading.
The Nigerian Exchange Limited All-Share Index (NGX ASI) gained 2,905.05 basis points or 1.24 per cent, close at 234,178.23 basis points from 237,083.28 basis points the stock market closed for trading the previous day.
Consequently, the NGX ASI Month-to-Date and Year-to-Date returns edged higher to +3.3per cent and +52.4per cent, respectively.
On sectors, performance was positive as the Industrial Goods (+3.4per cent), Insurance (+1.2per cent), Oil & Gas (+0.6per cent) Consumer Goods (+0.5per cent and Banking (+0.1per cent) indices advanced.
On market outlook, a group of analysts at United Capital Plc said, “the recovery recorded last Friday maybe sustained during the week. Banking should stay comparatively resilient on the back of the ongoing recapitalisation drive.
“Consumer Goods and Insurance could offer relative safety for investors rotating into more defensive names. Overall direction will likely hinge on stock-specific earnings positioning ahead of H2 results season.”
Investor sentiment was strongly positive as measured by market breadth, as 54 advancers comfortably outpaced 17decliners.
Cadbury Nigeria and Zichis Agro Allied emerged the highest price gainer of 10 per cent each to close at N61.60 and N26.62 while NACHO followed with a gain of 9.99 per cent to close at N133.65, per share.
Daarcomm rose by 9.94 per cent to close at N1.99, while Ikeja Hotel up by 9.90per cent to close at N47.20, per share.
On the other side, CMFC and Fortis Global Insurance and Trans express led others on the losers’ chart with 10 per cent each to close at N3.33. N2.61 and N2.70 respectively, while ETI followed with a decline of 9.98 per cent to close at N85.70, per share
Mecure shed 9.96 per cent to close at N85.45 per share.
The total volume traded declined by one per cent to 493.67 million units, valued at N28.02 billion, and exchanged in 49,969 deals. Zenith Bank was the most traded stock by volume and value at 94.29 million units and N9.91 billion, respectively.