Nigerian equity market gains N355bn as trading opens on positive note

Trading in the Nigerian equity market opened on a positive note on Monday, with investors gaining N355bn.

The market capitalisation and the All-Share Index which measures the movement of the market appreciated by 0.97 per cent to N36.865tn and 67,101,33 basis points respectively.

In trading terms, the daily tally of deals improved by 1.30 per cent to 6,911 exchanges. The volume of trade, however dropped and value dipped by 28.18 and 61.23 per cent to 268.66m and N3.46bn respectively.

According to analysts, this week will see mixed sentiments in the market as investors engage in bargain-hunting and adjust their portfolios in anticipation of Q3 corporate earnings reports.

Investors are also keenly awaiting the upcoming monetary policy meeting of the Central Bank of Nigeria.

Read also: Top 10 stories from across Nigerian Newspapers, Tuesday, October 10, 2023

Topping the gainers’ chart on Monday was BUA Cement which gained 10 per cent to close at N103.40. Nigerian Breweries closed at N42 per unit after its shares appreciated by 9.09 per cent, Dangote Sugar’s stock rose by 2.65 per cent to close at N58 per unit, Oando gained 2.22 per cent to close at N9.20 and Transcorp closed the day’s trading at N6.10 after a 1.16 per cent increase.

However, on the losers table, Prestige Assurance’s stock depreciated by 10 per cent to close at N0.45, the NGX Group shed 4.04 per cent of its share value to close at N22.55, Unity Bank lost 3.03 per cent to close at N0.96 per unit and non-interest bank, Jaiz Bank, who just submitted an application to the NGX for the approval and listing of a rights issue of 5,408,356,536 ordinary shares, also recorded a dip of 3.03 per cent to N1.60 per unit.

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