By Nse Anthony-Uko
(Sundiata Post) — The Nigerian equities market on Monday began the week gaining a marginal 0.02 per cent, extending bullish rally to five consecutive trading days.
In summary, the All Share Index (ASI) gained 8.59 absolute points, representing a growth of 0.02 per cent to close at 42,579.48 points. Similarly, the market capitalisation gained N3 billion to close at N15.280 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; International Breweries, PZ Industries, Nascon and Allied Industries, Guaranty Trust Bank and Red Star Express.
Analysts at United Capital stated that “we expect volatility to continue in the market this week as the expectation for 2017 earnings’ season enters top gear. We equally expect lower-lows in handful of equities as fund and portfolio managers’ re-assesses their trading positions in line with end of a month accounts balancing. By and large, we expect a soft close this week.”
However, market breadth was negative, with 21 gainers versus 26 losers. Japaul Oil recorded the highest price gain of 9.52 per cent, to close at 46 kobo, while Unity Bank followed with a gain of 9.40 per cent to close at N1.63, per share. Nascon and Allied Industries appreciated by 5.11 per cent to close at N21.60, while PZ Industries and Red Star Express rose by five per cent each to close at N24.15 and N6.30, per share, respectively.
On the other hand, Courtville Business Solution led the losers’ chart by 6.25 per cent, to close at 30 kobo, while Mobil and Caverton followed with a decline of five per cent each to close at N180.50 and N2.28 per share, respectively. Airline Services depreciated by 4.87 per cent to close at N5.66 and AG Leventis declined by 4.17 per cent to close at 69 kobo per share.
Also, the total volume traded stood 384.86 million shares, worth N5.47 billion, and traded in 4,774 deals.Transactions in the shares of CCNN topped the activity chart with 134.9 million shares valued at N2.25 billion.
Transcorp followed with 34.15 million shares worth N71.04 million, while FBN Holdings traded 21.78 million shares valued at N250.1 million. Access Bank traded 20.58 million shares valued at N270.03 million, while Fidelity Bank sold 20.5 million shares worth N61.3 million.