Month-to-date and year-to-date returns on Nigerian bourse increased to 2.0% Monday

The month-to-date and year-to-date returns on the Nigerian Stock Exchange (NSE) increased to 2.0 per cent as the All-Share Index inched higher by 86.97 points or 0.21 per cent to close at 41,088.96 from 41,001.99 on Friday.

Also, the market capitalisation which opened the day trading at N21.448 trillion improved by N46 billion or 0.24 per cent to close at N21.494 trillion.

The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Airtel Africa, Dangote Cement, MRS Oil, Julius Berger and Lafarge Africa.

Analysts at United Capital Plc said: “Bargain hunting from market participants, stemming from recent selloffs and the outcome of the Monetary Policy Committee meeting will drive market activities.”

Academy Press dominated the gainers’ chart in percentage terms, gaining 10 per cent to close at 44k per share.

May and Baker followed with 9.86 per cent to close at N4.01, while MRS Oil rose by 9.82 per cent to close at N12.30 per share.

Champion Breweries grew by 9.74 per cent to close at N2.14, while University Press appreciated by 9.60 per cent to close at N1.37 per share.

Conversely, C & I Leasing and Royal Exchange led the losers’ chart in percentage terms, losing10 per cent each to close at N5.13 and 36k per share, respectively.

Ardova followed with a loss of 9.78 per cent to close at N18.45 per share.

Japaul Gold and Ventures shed 9.47 per cent to close at 86k, while Soverign Trust Insurance lost 9.09 per cent to close at 30k per share.

Meanwhile, the total volume traded declined by 43.7 per cent as investors’ bought and sold 333.09 million shares valued at N2.64 billion in 5,640 deals.

This was in contrast with a turnover of 591.46 million shares worth N5.07 billion transacted in 5,787 deals on Friday.

Transactions in the sharesTranscorp topped the activity chart with 48.99 million shares valued at N53.31 million.

AXA Mansard Insurance sold 28.03 million shares worth N38.29 million, while Fidelity Bank traded 26.53 million shares valued at N72.59 million.

United Bank for Africa accounted for 16.67 million shares worth N145.85 million, while Zenith Bank transacted 15.87 million shares valued at N418.97 million.