Nigerian bourse opens the week positive, gaining 0.09% Monday

The Nigerian Stock Exchange (NSE) crucial market indicators rebounded by 0.09 per cent on renewed bargain hunting on some blue chips, after prolonged days of bearish trend.

The All-Share Index rose by 23.66 points or 0.09 per cent to close at 26,557.44 against 26,533.78 achieved on Friday while the market capitalisation which opened at N12.916 trillion increased by N12 billion or 0.09 per cent to close at N12.928 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Dangote Flour Mills, Dangote Cement, Fidson Healthcare, Nestle Nigeria and United Bank for Africa (UBA).

Analysts at Cowry Asset Management Limited expected the local bourse to close in green territory in the new week.

“Although investors’ sentiment still remain weak given the perceived attractiveness of fixed investment yields, we feel that the optimism, albeit temporal, will be stimulated by anticipated Q3, 2019 companies’ results,” they said.

Market breadth closed positive, with 11 gainers compared with eight losers.

Courteville Business Solutions recorded the highest price gain of 10 per cent, to close at 22k per share.

Fidson Healthcare followed with a gain 9.72 per cent to close at N3.95, while Consolidated Hallmark Insurance rose by 7.14 per cent to close 30k per share.

AXA Mansard Insurance rose by 6.25 per cent to close at N1.70, while Dangote Flour appreciated by 3.60 per cent to close at N23, per share.

Conversely, Global Spectrum Energy Services led the losers’ chart in percentage terms, dropping by 9.62 per cent, to close at N4.70 per share.

UACN came second with a decline of 6.99 per cent to close at N6.65, while United Capital dipped 4.69 per cent to close at N2.03 per share.

FBN Holdings lost 2.78 per cent to close at N5.25, while Ecobank Transnational Incorporated (ETI) shed 2.70 per cent to close at N7.20 per share.

Similarly, the total volume traded appreciated marginal with an exchange of 129.08 million shares worth N2.74 billion traded in 2,595 deals.

This was in contrast with a turnover of 117.34 million shares valued at N1.13 billion transacted in 2,122 deals.

Transactions in the shares of Global Spectrum Energy Services topped the activity chart with 36.6 million shares valued at N172.02 million.

Guaranty Trust Bank followed with 14.47 million shares worth N387.28 million, while Transcorp sold 9.86 million shares worth N9.95 million.

Zenith Bank traded 8.34 million shares valued at N149.81 million, while FCMB Group transacted 8.05 million shares worth N12.88 million.