Nigerian bourse opens the week positive as Index gains 0.02%

The equities market started the week on a positive note, with the All-Share Index (ASI) of the Nigerian Stock Exchange (NSE) appreciating marginally by 0.02 per cent to 42,579.48 points.

Accordingly, the Month-to-Date and Year-to-Date returns improved to -3.98 per cent and 11.34 per cent respectively.

The Consumer Goods (+0.78%), Insurance (+0.49%), and Banking (+0.28%) indices recorded gains, owing to demands for the shares of PZ (+5.00%), WAPIC (+2.94%), and ZENITHBANK (+0.78%) respectively.

Unimpressive quarter four earnings caused selloffs of TOTAL (-4.82%) shares, with the Oil & Gas index recording negative returns, while profit taking in DANGCEM (-0.38%) stocks weighed on the Industrial Goods (-0.17%) index.

Market breadth turned negative, with 21 gainers and 26 loses, led by JAPAULOIL (+9.52%) and COURTVILLE (-6.25%). Total volume of trades increased by 24.78% to 384.86 million units, valued at NGN5.47 billion, and exchanged in 4,774 deals.

Specifically, the company, which led 20 other gainers during the day, rose by four kobo or 9.52 percent to close at N0.46 from N0.42. This resulted in N3 billion or 0.02 percent increase to settle at N15.280 trillion from N15.277 trillion on Friday.

Other gainers that emerged during the day include Unity Bank Plc, which recorded 9.40 percent increase to close at N1.63 from N1.49, followed by NASCON Allied Industries Plc with 5.11 percent increase to close at N21.60 from N20.55. PZ Cusson Nigeria Plc and Red Star Express, which closed the list of the top five gainers, advanced by five percent each to close at N24.15 from N23.00 and N6.30 from N6.00 per share respectively.

Further analysis of the day’s trading shows that 26 companies recorded losses led by Courtville Business Solution Plc with 6.25 per cent decline to close at N0.30 from N0.32. Mobil Oil Nigeria Plc and Caverton Offshore Group Plc declined by five per cent each to close at N180.50 from N190.00 and N2.28 from N2.40 per share respectively.

May & Baker Plc ranked fourth on list, declining by 4.91 per cent to close at N2.71 from N2.85, while Chemical and Allied Products Plc, a subsidiary of UACN Plc closed lower at 4.88 per cent to close at N4.09 from N4.30 per share.