Nigerian Stock Exchange The Nigerian Exchange Limited (NGX) reopened in an upbeat yesterday, occasioned by gains in major highly capitalised (high cap) stocks, as market capitalisation appreciated by N276 billion.
Specifically, the All-Share Index (ASI) rose by 528.15 points, representing a growth of 1.26 per cent to 42,411.12 points. Accordingly, investors gained N276 billion in value as market capitalisation rose to N22.130 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; MTN Nigeria Communication (MTNN), Dangote Cement, Vitafoam Nigeria, GlaxoSmithKline Consumer Nigeria (Glaxosmith) and Nigerian Exchange Group (NGXGroup).
Analysts at Cordros Securities Limited expected the bulls to regain dominance in the market given the moderation in the prices of bellwether stocks in the last three weeks.
“However, we do not rule out the possibility of continued profit-taking activities. In addition, we believe the outcome of the bond auction scheduled to hold during the week will also shape market sentiments.
“Notwithstanding, we advise investors to take positions in only fundamentally justified stocks as the unimpressive macro story remains a significant headwind for corporate earnings,” Cordros Securities said.
Vetiva Dealings and Brokerage said: “Given the bullish sentiment seen in the banking space last week, we saw profit-taking activities drag the index down while investors continue to cherry-pick some counters across sectors. We expect a mixed session tomorrow amid a stronger sell-side interest.
Market breadth closed positive, as 23 stocks posted gains while 16 others constituted the losers’ chart.
Meyer Plc recorded the highest price gain of 9.09 per cent, to close at 36 kobo while Academy Press followed with a gain of 8.51 per cent to close at 51 kobo. FTN Cocoa processors appreciated by 8.11 per cent to close at 40 kobo.
GlaxoSmithKline went up by 7.08 per cent to close at N6.05 kobo while MTN Nigeria Communication (MTNN) appreciated by 7.08 per cent to close at N186.80 kobo.
Lasaco gained 5.77 per cent to close at N1.10 kobo while CHI added 5.45 per cent to close at 58 kobo. Chams appreciated by five per cent to close at N21 kobo. Sterling Bank garnered 3.40 per cent to close at N1.52 kobo. AIICO also increased by 2.94 per cent to close at 70 kobo.On the other hand, NASCON Allied Industries (NASCON) led the losers’ chart with 6.79 per cent to close at N13.05 kobo. Cornerstone Insurance followed with a decline of six per cent to close at 47 kobo while Wapic Insurance […]