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Stock market ends losing streak, gains N93bn



Equities market maintains uptick as ASI up 88bps

The nation’s stock market recovered from two consecutive weeks of lose to gain N93 billion on Monday.

The market capitalisation of equities increased from N13.121tn on Friday to N13.214tn on Monday as the All Share Index appreciated by 0.71 per cent to settle at 27,177.22 basis points.

The banking index appreciated by 1.34 per cent on the back of buying interests and major price appreciation in Zenith Bank Plc and Stanbic IBTC Holdings Plc.

Major price appreciation in MTN Nigeria Communications Plc, Zenith Bank and Stanbic IBTC drove the ASI higher by 71bps.

Consequently, the year-to-date loss eased to -13.7 per cent while investors gained N93bn.

The oil and gas index reported a gain of 0.50 per cent as major price appreciated in Oando Plc boosted the sectoral performance.

Other sectors closed in the red, with the insurance goods index declining the most.

Read also: NNPC makes public list of winners for 2019/2020 DSDP contract

The insurance goods index depreciated by 2.14 per cent as major price depreciation was witnessed in AXA Mansard Insurance Plc and Continental Reinsurance Plc.

Similarly, the consumer goods index declined by 1.59 per cent as a result of the sell pressures in Nestle Nigeria Plc and Dangote Sugar Refinery Company Plc.

The industrial goods dragged by the sell pressures in Lafarge Africa Plc declined by 0.25 per cent.

Overall, activity level was mixed as volume decreased by 2.9 per cent to 250.744 million units while value traded rose by 18.1 per cent to N4.17bn.

The most traded stocks by volume were Lafarge (47.2 million units), Transnational Corporation of Nigeria Plc (41.1 million units) and Zenith Bank (26.7 million units). MTN (N1.7bn), Lafarge (N660m) and Zenith Bank (N452.6m) were the most traded stocks by value.

Investor sentiment, as measured by market breadth (advance/decline ratio), further advanced to 1.3x from 1.1x on Friday as 20 stocks gained against 13 stocks that lost.

The top five gainers were Courteville Business Solutions Plc, UACN Property Development Company Plc, FCMB Group Plc, Aiico Insurance Plc and Oando Plc, which recorded respective gains of 10 per cent, 6.67 per cent, five per cent, 4.92 per cent and 4.48 per cent.

The top five losers were Cadbury Nigeria Plc, which lost 9.71 per cent; Chams Plc, with a share price depreciation of 8.70 per cent; Unity Bank Plc, whose share price declined by 5.80 per cent; AXA Mansard, which lost 5.56 per cent; and Jaiz Bank, with a 5.41 per cent decline in its share price.

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