Stock market opens positive as investors gain N22bn

Contrary to Nigerian stock market analysts’ expectation that the equities market will experience a downturn at resuming of trading, the market posted a positive outing on Wednesday to open trading for the week.

The equities market returned from the 2-day public holiday with a positive inclination as the lead indicator, All Share Index gained 64.61 basis points or 0.23 per cent to close at 27,642.13 basis points. Similarly, the Market Capitalization appreciated by N22 billion to close at N9.495 trillion.

Although, market breadth closed weaker but gains by some major capitalised stocks impacted positively on Wednesday return. Among these capitalised stocks are Conoil, Unilever, Dangote Cement, Flour Mills and Lafarge Africa.

However, analysts have said: “We expect a quiet start to proceedings this week, as investors gradually return after an extended weekend. While sentiment will likely remain mixed, we anticipate the bulls will have a head start, as they position in well beaten counters in search of bargains.”

Market breadth closed negative with 15 gainers and 19 losers. Conoil led the gainers table by 10.17 per cent to close at N26.21 per share. Unilever followed with a gain of 4.99 per cent to close at N42.28, while African Prudential advanced by 4.84 per cent to close at N2.60 per share.

While Unity Bank appreciating by 2.94 per cent to close at 70 kobo and Champion Breweries rose by 2.41 per cent to close at N2.55 per share.

On the other hand, Diamond Bank led the laggards’ table by 5.83 per cent to close at N1.13 per share. Sterling Bank trailed with a loss of 4.95 per cent to close at 96 kobo, while Transnational Express and FCMB declined by 4.67 per cent each to close at N1.02 each per share while Aiico Insurance shed 4.48 per cent to close at 64 kobo.

Meanwhile, the volume of shares traded declined by 33.19 per cent to 182.298 million shares, valued at N1.79 million, and traded in 2,776 deals. Transactions in the shares of Guaranty Trust Bank topped the activity chart with 43.33 million shares valued at N1.17 billion. Diamond Bank followed with 31.02 million shares worth N35.61 million, while FCMB traded 21.92 million shares valued at N22.56 million.

FBN Holdings traded 16.41 million shares worth N50 million and Skye Bank transacted 14.77 million shares valued at N9.63 million.