Equities market opens week on positive note

….As NSE ASI gains 1.22%

The bullish trend which greeted the equities market in the early weeks of January, returned on Monday , as investors take position for returns on investment through price growth or expected corporate action.

The Monday trend demonstrated that the equities market appears to be gearing up for another rally with a positive close for the second consecutive trading session following Friday’s bullish run.

The NSE- All Share Index closed positive at ASI 44,306.48 having gained 1.22 per cent. Also the market capitalization closed higher at N15, 882,551,119,636.24.

Investors transacted a total of volume of 573,349,748.00 million shares valued at N5, 879,005,208.62 billion.

Dangote cement led the top gainers table with 3.04 per cent, followed by stanbic IBTC with 2.27 per cent while Forte oil gained 1.21 per cent. Other top five gainers are UACN with 3.53 per cent and Etransact with 7.88 per cent

Analysts maintained that the bullish trend may not be unconnected with investors positioning ahead of earnings season commencing later this quarter.

“Nonetheless, we believe there may be profit taking in the market, which could present entry opportunities into our quality names for investors with a medium to longer term horizon” Investment One noted.

Market Breadth Index closed positive as 41 stocks advanced compared to 12 stocks that declined.

DIAMONDBNK with +9.85% gain was the best performer, while DANGSUGAR with -4.56% decline in equity price, led the decliners table..

FCMB which gained 5.88 per cent was the most actively traded stocks with 169million units of shares accounting for 29 per cent of total volume.

Sector Performance reflects that NSE Industrial Index emerged the best performer with 1.73% driven by DANGCEM +3.05% growths.

NSE Banking Index closed positive at 0.87%. The growth was propelled by ACCESS with +0.55%, FBNH with +2.71% and UBA with 1.56 per cent growth. This as in addition to appreciation recorded by DIAMONDBNK which gained 9.85%, SKYEBANK‘s 9.38 per cent, and FCMB’s 5.88% growth.

The NSE Oil and Gas Index also closed higher by 0.28 per cent following the gain in ETERNA 7.88% and FO rte oils 1.21% per cent gain.

However, the NSE Consumer Goods Index was the only index that closed negative by 0.67%, due to DANGSUAGR’s -4.60% loss, FLOURMILL’s -1.65%decine , GUINESS -1.79% depreciation and NB’s -0.04% equity price decline.

Stories by Bonny Amadi