Nigerian bourse opens the week positive as Index up 0.14%

Trading transactions on the Nigerian Stock Exchange (NSE) started the week on a positive note, as the market All-Share Index (ASI) inched higher by 0.14 per cent to 40,987.77 points on Monday.

Accordingly, the Month-to-Date and Year-to-Date returns improved to -1.25 per cent and 7.18 per cent respectively.

Performance of various sectors went this way:  The Industrial Goods (+0.52%), Insurance (+0.31%), and Banking (+0.17) indices posted positive returns, following interests in the shares of WAPCO (+1.12%), NEM (+5.00%), and SKYEBANK (+10%). Meanwhile, selloffs in MOBIL (-5.00%) and NB (-3.08%) shares, caused losses in the Oil & Gas (-0.72%) and Consumer Goods (-0.01%) indices.

Market breadth turned positive, with 28 gainers and 21 losers, led by SKYEBANK (+10.00%) and UAC-PROP (-7.86%). Total volume and value of trades were higher by 15.18% and 53.30% to 192.49 million units and NGN3.13 billion respectively and exchanged in 3,917 deals.

‘Our view of the market remains positive, buoyed by still-positive macroeconomic fundamentals’ pointed out by analysts at Cordros Capital.