Equities Market begins week with marginal growth

Equities trading on the Nigerian Stock Exchange (NSE) began the week on a marginally positive note. The AllShare Index (ASI) closed at 25,743.03 from 25,740.83 on Friday and market capitalization closing at N8.856 trillion from N8.692 trillion.

Oil and Gas Stocks maintained appreciation, albeit at a slower pace with a growth of 3.57 percent compared to 4.18 percent growth recorded on Friday, while the Consumer goods Index recorded a gain of 0.05 percent to close at 718.65 points.

Whilst the Oil & Gas Index grew on account of increases in Forte Oil, Total and Oando, a 4.83 percent growth in Dangote Sugar and a 2.63 percent appreciation in Cadbury accounted for the growth recorded in the NSE Consumer Goods Index.

However, the NSE Banking Index shed half a percent to close at 258.39 following decline recorded in Wema Bank that shed 3.51 percent and Stanbic’s loss of 3.33 percent. Investors sentiments turned weak as market breadth closed with 15 gainers to 23 losers.

Forte Oil led the day’s advancing stocks with 10.24 percent growth to close at N71.94 per share. Total followed, improving by 10.11 percent to close at N276.15 per share, while Oando recorded a gain of 7.80 percent to close at N4.70 per share. Transcorp recorded a gain of 7.04 percent to close at 76 kobo per share as Portland Paints emerged the fifth top gainer with a growth of 4.97 percent to close at N1.90 per share.

On the flip side, Guinness Nigeria led the day’s retreating stocks, with a 9.74 percent decline to close at N80.33 per share, Vitafoam lost 5 percent to close at N2.28 per share and Red Star Express dropped 4.94 percent to close at N4.23 per share. Axamansard Insurance Plc depreciated 4.65 percent to close at N1.64 per share, and Neimeth Pharmaceuticals fell 4.55 percent to close at 63 kobo per share.