ABUJA (Sundiata Post) - The share price gains recorded on Monday by Dangote Cement, Unilever and Nestle has helped to push the stock market up by 0.26 per cent, thus reversing the negative trend in the Nigerian capital market.
In summary, the All Share Index gained 69.64 absolute points or 0.26 per cent to close at 27,316.52 points. Similarly, the market capitalization went up by N24 billion to close at N9.382 trillion.
Analysts noted that the uptrend may not be sustainable looking at the negative market breadth.
They noted that “We anticipate another bearish run for equities this week, even as positive triggers remain scarce. Furthermore, the July headline on Consumer Price Index (CPI) will also creates another reason for investor to move capital to safety, further re-enforcing downbeat outlook for the equities market this week.”
Market breadth was negative, with 11 gainers versus 37 losers. Unilever recorded the highest price gain of 5 per cent, to close at N36.75 per share. Skye Bank gained 4.69 per cent to close at 67 kobo, while Wapic Insurance appreciated by 4 per cent to close at 52 kobo per share.
Union Bank went up by 3.75 per cent to close at N4.15, while Wapco appreciated by 3.23 per cent to close at N55 per share.
On the other hand, Champion Breweries led the losers’ chart by 9.62 per cent, to close at N3.10 per share. Nahco shed 9.50 per cent each to close at N3.62, while Unity Bank depreciated by 8.08 per cent to close at 91 kobo per share.
Eterna down by 6.61 per cent to close at N2.40 and UACN went down by 5 to close at N19 per share.
Total volume traded appreciated by 12.05 per cent to 213.64 million shares, worth N2.05 billion, and traded in 3,724 deals.
Transactions in the shares of Zenith Bank topped the activity chart with 45.79 million shares valued at N696.85 million. FBN Holdings followed with 23.16 million shares worth N72.44 million, while Diamond Bank traded 19.01 million shares valued at N21.81 million.
Access Bank traded 16.19 million shares valued at N89.76 million, while UBA transacted 16.08 million shares worth N67.66 million.