Nigerian stocks opened the week strong yesterday as the market capitalization gained N139 billion, the fifth consecutive session of gains.
Specifically, the All-Share index rose slightly by 257.24 absolute points, representing an increase of 0.50% to close at 51,962.85 points. While the overall market capitalization value gained N139 billion to close at N28.014 trillion.
The market gain was driven by price appreciation of large and mid-cap stocks, including; Okomu Oil, MTN Nigeria Communications (MTNN), Stanbic IBTC Holdings, Ecobank Transnational Incorporated (ETI) and FBN Holdings (FBNH).
This week, United Capital Plc expected the bargain hunt that followed last week’s market rebound to extend into this week as investors eagerly await the first half (H1) of the earnings season 2022.
Market sentiment, as measured by market breadth, closed positive with 18 stocks up versus 16 down. ETI recorded the highest price gain of 9.79% to close at 10.65 naira per share.
John Holt followed with a gain of 9.52% to close at 69 kobo, while Linkage Assurance rose 9.43% to close at 58 kobo, per share. Okomu Oil rose 8.53% to close at N210.00, while Cornerstone Insurance rose. 6.45% to close at 66 kobo.15 per share. On the other hand, PZ Cussons Nigeria led the losing chart by 10% to close at 11.25 naira, per share. Eterna followed with a decline of 9.33% to close at 6.80 naira, while RT Briscoe Nigeria fell 6.25% to close at 45 kobo per share.
Ardova fell 5.09% to close at 13.05 naira, while Nigerian Breweries fell 3.42% to close at 57.95 naira per share.
Meanwhile, the total trading volume increased by 70.75% to 266.514 million units, valued at 2.602 billion naira, and traded in 5,050 transactions. Trading in LivingTrust Mortgage Bank shares topped the activity chart with 64.658 million shares valued at N77.590 million.
Transnational Corporation of Nigeria (Transcorp) followed with 31.799 million shares worth N39.662 million, while Access Holdings traded 29.268 million shares worth N275.165 million.
Oando traded 27.725 million shares worth N162.414 million, while United Bank for Africa (UBA) traded 20.609 million shares worth N152.752 million.