Local stock market opens weeks bullish by 0.2% as investors earn in Nigeria

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Equities market at the Nigerian Exchange Limited (NGX) begins the new week positively, extending gains from the previous session, as the benchmark index closed 0.18 percent stronger to settle at 102,042.32 basis points.

Basically, investors interests in BUA Foods, Geregu Power and Zenith Bank outweighed selloffs, leaving the market in the green, as these high-capitalized stocks gained 1.05 percent, 6.75 percent and 0.14 percent, respectively.

Accordingly, the Month-to-Date and Year-to-Date returns advanced to +0.9 percent and +36.5 percent, respectively.

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Equities investors therefore gained N100.65 billion cumulatively as the market capitalization settled at N55.84 trillion by the end of the day’s trading activities.

As measured by market breadth, market sentiment was positive, as 30 tickers gained relative to 23 losers. On the performance board, NCR Nigeria and Royal Exchange recorded the highest gains of the day having appreciated in share prices by 10.0 percent, respectively, while Infinity Trust Mortgage Bank and John Holt topped the losers’ list after their share prices dipped, respectively, by 9.9 percent.

Analysing by sectors, the Insurance, Consumer Goods and Oil & Gas indices recorded gains of 2.3 percent, 0.6 percent and 0.2 percent, respectively and while the Banking and Industrial Goods indices posted losses of 0.9 percent and 0.1 percent, respectively.

Analysis of market activities on Monday showed trade turnover settled lower relative to the previous session, with the value of transactions down by 30.31 percent.

A total of 242.43 billion shares valued at N5.13 billion were exchanged in 8,715 deals. Access Holdings led the volume chart with 24.90 million units traded, while Guaranty Trust Holding Company led the value chart with deals worth N841.25 million.