NGX resumes the week with N21bn gain

  Activities in the domestic stock market kicked off the week on Monday on a bullish mood due to bargain hunting in Dangote Cement and 20 others.Specifically, the market capitalisation rose by N21 billion or 0.10 per cent to close at N22.128 trillion from N22.107 trillion on Friday.

Also, the All-Share Index which opened at 42,353.21 inched higher by 41.50 points or 0.10 per cent to close at 42,394.71.

Consequently, the month-to-date loss moderated to 2.0 per cent, while the year-to-date return increased to 5.3 per cent.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are Dangote Cement, GlaxoSmithKline Consumer Nigeria, Union Bank of Nigeria, Guaranty Trust Holding Company (GTCO) and Neimeth International Pharmaceuticals.

Analysts at Afrinvest Limited said: “We expect the improved investor sentiment to sustain bullish performance in the next trading session.”

Market sentiment was positive with 21 gainers against 11 losers.

Neimeth International Pharmaceuticals drove the gainers’ chart in percentage terms by 9.82 per cent to close at N1.79 per share.

UPDC followed with 9.43 per cent to close at N1.16, while Royal Exchange was up by 8.70 per cent to close at 75k per share.

Mutual Benefits Assurance rose by 7.69 per cent to close at 28k, while Regency Alliance Insurance appreciated by 7.32 per cent to close at 44k per share.

On the other hand, C & I Leasing led the losers’ chart in percentage terms by 8.70 per cent to close at N4.20 per share.

Consolidated Hallmark Insurance followed with 6.90 per cent to close at 54k, while Wapic Insurance declined by 5.88 per cent to close at 48k per share.

Lasaco Assurance shed 5.45 per cent to close at N1.04, while Nigerian Aviation Handling Company depreciated by 3.48 per cent to close at N3.33 per share.

However, the total volume of shares  traded fell by 58.4 per cent to 142.17 million units valued at N2.49 billion exchanged in 3,749 deals.

This was in contrast with a turnover of 341.69 million shares worth N3.54 billion achieved in 3,059 deals on Friday.

Transactions in the shares of FBN Holdings topped the activity chart with 20.19 million shares valued at N244.72 million.

GTCO followed with 10.58 million shares worth N270.91 million, while Sovereign Trust Insurance traded 10.11 million shares valued at N2.42 million.

Mutual Benefits Assurance traded 9.36 million shares valued at N2.59 million, while AIICO Insurance transacted 8.84 million shares worth N6.002 million.