Zenith, Access Lead As Positive Trend Drives Market

The Nigerian Stock Exchange (NSE) resumed trading for the week on Monday on a positive trend, with the market capitalisation rising by N37 billion.

Zenith Bank led trading in terms of value with N842.87 million worth of shares traded while Access Bank led in respect of volume with 83.56 million shares traded.

Specifically, the market capitalisation which opened at N12.440 trillion rose by N37 billion to close at N12.477 trillion, indicating by 0.30 percent.

Also, the All-Share Index grew by 70.42 points or 0.30 percent to close at 23,941.75 against 23,871.33 achieved on Friday.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Okomu Oil, MTN Nigeria, Unilever Nigeria, Lafarge Africa and GlaxoSmithKline.

Analysts at Imperial Asset Managers Ltd stated that “This week, we expect market sentiment to be mild considering that risks remain broad following the increasing new cases of COVID-19 in Nigeria.

“As such, investors are advised to trade cautiously, and seek buying opportunities in fundamentally justified stocks,” they said.

Market breadth closed positive with 25 gainers and 13 losers.

Okomu Oil recorded the highest price gain to lead the gainers’ table in percentage with 9.99 per cent, to close at N60.55 per share.

Neimeth followed with a gain of 9.72 per cent to close at 79k, while BOC Gases appreciated by 9.59 per cent to close at N4 per share.

Fidson appreciated by 9.12 per cent to close at N3.11, while Unity Bank appreciated by 8.89 per cent to close at 49k per share.

Conversely, Lasaco Assurance led the losers’ chart by 7.41 per cent to close at 25k, while Cornerstone Insurance and Jaiz bank followed with a loss of 6.78 percent each to close at 56k per share, respectively.

Wapic Insurance dipped 6.25 per cent to close at 30k, while Transcorp shed 4.17 per cent to close at 69k per share.

Also, the total volume traded increased by 49.47 percent with an exchange of 331.002 million shares, worth N2.93 billion achieved in 5,544 deals.

This was in contrast with a total of 221.45 million shares valued at N2.45 billion achieved in 4,330 deals on Friday.

Transactions in the shares of Access Bank topped the activity chart with 83.56 million shares worth N522.79 million.

Zenith Bank followed with 54.93 million shares valued at N842.87 million, while Sterling Bank sold 33.65 million shares worth N43.41 million.

FBN Holdings traded 20.53 million shares valued at N101.06 million, while Lafarge Africa transacted 16.17 million shares worth N182.81 million.

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