Nigeria’s equities market opens trading week positive as index rises 1.22%, but the bears maintain control

The Nigerian equities market began the new week on a positive note as the Nigerian Stock Exchange All-Share- Index (ASI) rose by 1.22 percent to peg the year-to-date at 15.85%. Market capitalization was estimated at N15.41 trillion, a N20 billion increase from last week’s closing value.

However, market breadth closed in favour of the bears with 41 losers as against 13 gainers at the close of the session.

On the sector performance indicators’ board, NSE ASEM maintained its previous close and the consumer goods sector recorded the only loss for the trading day.

The industrial sector gained on its previous index close of 2,287.02 points by 1.73percent to close at 2,326.62, making it the best performing sector for today’s trading session.

The course of business in the market was largely determined by the following developments: DIAMONDBNK(+9.85%),TRANSCORP(+9.76%),CILEASING(+9.68%),FIDELITYBK(+9.60%) and NPFMCRFBK(+9.46%) which topped the gainer’s chart, while DANGSUGER(-4.56%), REDSTAREX(-4.55%), ABCTRANS(-4.00%), LASACO(-4.00%) and LINKASSURE(4.00%) topped the loser’s table.

FCMB, ACCESS, UBA, HONYFLOUR and ZENITHBANK made the top five performing stocks on the basis of trade volume, while ZENITHBANK, GUARANTY, NB, ACCESS and FCMB topped the value-based chart as shown by trading statistics.

Despite an improved NSE ASI, market activities slowed down by 39.32 percent in terms of volume and 17.50 percent in terms of value as previously recorded trades of 945 million shares valued at N7.12 billion shrunk to 573 million shares valued at N5.88 billion by the closing bell Monday.

Analysts say the day’s trading activities point to unpredictable trend during the week, but would remain positive if profit takers would hold their appetite.