Stock market investors gain N247bn amid bullish trend

The Nigerian stock market opened the week on a bullish run on Monday, as investors gained N247 billion amid sustained buying interest in major stocks.

Renewed investors’ interest in stocks such as Morison, NPF Microfinance Bank, Sovereign Trust Insurance, Caverton Offshore Support Group, CHAMS, and 36 other stocks strengthened the market’s performance.

The market capitalisation, which opened at N93.722 trillion, added N247 billion or 0.26 per cent to close at N93.969 trillion.

The All-Share Index rose by 0.26 per cent or 387.87 points, closing at 147,427.95 compared with 147,040.08 recorded on Friday.

While the year-to-date (YTD) return increased to 43.24 per cent, the market breadth closed positive with 41 gainers and 15 losers.

Morison led the gainers’ chart by 9.89 per cent, settling at N3.89, NPF Microfinance Bank followed by 9.85 per cent, closing at N3.01, while Sovereign Trust Insurance gained by 9.31 per cent, ending the session at N3.17 per share.

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Caverton Offshore Support Group also rose by 9.18 per cent, closing at N5.35, and CHAMS soared by 7.84 per cent, finishing at N3.30 per share.

Conversely, Daar Communications led the losers’ chart by 7.14 per cent, closing at 91k, Livestock Feeds trailed by 6.25 per cent, finishing at N6, and NAHCO lost by 6.10 per cent, settling at N100 per share.

Union Dicon Salt dipped by 4.76 per cent, closing at N6, while Jaiz Bank dropped by 3.43 per cent, ending the session at N4.50 per share.

Analysis of the market activity revealed growth in the market deals and volume with decline in value as 550.9 million shares worth N13.9 billion were exchanged across 30,090 transactions.

This is in contrast with 361.6 million shares valued at N14.8 billion that were traded across 21,051 transactions earlier on Friday.

FCMB recorded the highest volume, with 129.65 million shares traded, while Zenith Bank closed with the highest value, amounting to N2.71 billion.

The Star