Gains Of About N250 Billion Help Stocks Start The Week Strongly For Investors


Due to advances made in high capitalized stocks on Monday, Nigeria’s stock market began trading on a positive note despite last week’s downward trend.

Maintaining interest in Airtel Africa (+5.16%), Nigerian Breweries (+1.91%), and FBN Holdings (+0.45%), while offsetting losses in Zenith Bank (-0.61%), GTCO (-1.25%), and Stanbic IBTC, helped keep the market in the black (-4.33 per cent).

Due to this, the market’s All Share Index (ASI) increased by 0.93 percent to close at 51,700.36 points, and the market capitalisation increased by N256 billion to N28,155 trillion from N27.899 trillion at the beginning of the day.

The year-to-date (YTD) return increased to 0.88 percent as a result. At the end of yesterday’s trading, there had been 3,900 transactions totaling 229.22 million shares for N2.91 billion.

Market participants responded to the announcement by saying they anticipate that the trading session would be dominated by bargain-hunting activities.

The most traded stock was Sterling Bank, with 85.177 million units changing hands for N119.25 million. Following UBA, FBN Holdings sold 200.90 million units worth N222.86 million, and 21.62 million units worth N173.30 million were sold by UBA.

Thomas Wyatt led a group of 17 gainers on the gainers’ chart with 9.28% as the stock closed at N1.06 a share. The second best performer was ABC Transport, which increased by 8% to close at 0.27 Kobo, followed by Royal Exchange, which increased by 5.88% to close at N1.08, Airtel Africa, which increased by 5.16% to close at N1,630, and Chip Plc, which increased by 5% to close at 0.63 Kobo.

Contrarily, Union Bank led a group of 15 losers with an 8.63% loss to settle at N6.35 per share. Wema Bank closed at N3.58 with a loss of 8.21%, AIICO at 0.60 Kobo with a loss of 6.25%, Caverton at 0.96 Kobo with a loss of 4.95 %, and Stanbic at N32 with a loss of 4.33%.

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