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Following price gains recorded by most blue-chip stocks, the Nigerian equities market commenced trading for the week on a positive note yesterday, as investors’ wealth appreciated by N36billion. Specifically, at the close of transactions yesterday, the All Share Index (ASI) rose by 70.42 points or 0.29 per cent to 23,941.75 points.
Accordingly, investors gained N36billion in value, as market capitalisation rose to N12.477trillion.The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which were; Okomu Oil, MTN Nigeria Communications, Unilever Nigeria, Lafarge Africa, and GlaxoSmithKline Consumer Nigeria.
Analysts at Imperial Asset Managers Limited, said: “This week, we expect market sentiment to be mild considering that risks remains broad following the increasing new cases of COVID-19 contagion in Nigeria.
“As such, investors are advised to trade cautiously, and seek buying opportunities in fundamentally justified stocks.” Market breadth closed positive as 25 stocks posted gains while 13 declined.
Okomu Oil recorded the highest price gain of 9.99 per cent to close at N60.55 per share. Neimeth International Pharmaceuticals followed with 9.72 per cent to close at 79 kobo.
BOC Gases appreciated by 9.59 per cent to close at N4.00 per share. Fidson Healthcare rose 9.12 per cent to close at N3.11, and Unity Bank gained 8.89 per cent to close at 49 kobo, per share.
On the other hand, Lasaco Assurance led the losers’ chart by 7.41 per cent to close at 25 kobo per share. Cornerstone Insurance and Jaiz bank followed with a decline of 6.78 per cent each to close at 56 kobo each, per share.
Wapic Insurance lost 6.25 per cent to close at 30 kobo, and Transnational Corporation of Nigeria (Transcorp) shed 4.17 per cent to close at 69 kobo, per share.
Also, the total volume traded increased by 49.47 per cent to 331.002 million shares worth N2.929 billion, traded in 5,544 deals.Transactions in the shares of Access Bank topped the activity chart with 83.561 million shares valued at N522.795million.
Zenith Bank followed with 54.927 million shares worth N842.867million.Sterling Bank traded 33.647 million shares at N43.412million.FBN Holdings traded 20.533 million shares valued at N101.055million, while Lafarge Africa transacted 16.167 million shares worth N182.807million.
