Nigerian stocks surpassed N20 trillion in value on Monday, with the benchmark index adding 0.47 per cent, a slower pace than the previous session’s, as a sustained investors’ optimism, had mattress-maker Vitafoam and GTB steering gains.
The equity market’s comeback to gains on Friday was a breath of fresh air, following ten successive trading days in the doldrums.
Nonetheless, liquidity remains a nagging headache for traders and fund managers, given its indispensability to a sustainable and resounding recovery for an exchange that has lost N1.022 trillion so far this year, as trade volumes are still way behind their pre-pandemic levels.
With the convergence of Nigeria’s multiple exchange rates around that of the Investors & Exporters forex window after the central bank replaced its own official rate with that of the spot market last week, hopes are high that foreign investors who exited the country’s stock market in an exodus beginning last March would see a strong conviction to reinvest over a million repatriated dollars in Nigerian stocks.
Helping gains, the industrial index rose the most of the five sectorial indexes tracked by the index, moving 1.13 per cent to 1,880.11 basis points, thanks to BUA Cement’s gain.
But market breadth was positive, with 24 losers emerging, compared to 16 gainers.
The all-share index enlarged by 180.89 basis points to 38,437.88, while market capitalisation rose to N20.035 trillion at the end of trade.
Year to date, the index is down by 4.55 per cent.
TOP FIVE GAINERS
MRS led the flock of gainers, appreciating by 9.57 per cent to close at N12.60. Vitafoam added 8.91 per cent to end today’s trade at N11. Chams went up by 5 per cent to N0.21. PZ rose to N5.50, notching up 3.77 per cent in the process. AIICO completed the top 5, climbing by 3.45 per cent to N1.20.
TOP FIVE LOSERS
Royal Exchange was the worst-performing stock, declining by 9.88 per cent to close at N0.73. Consolidated Hallmark fell to N0.66, losing 9.59 per cent. Neimeth dipped to N1.72, recording 8.51 per cent depreciation. Mutual Benefits shed 8.33 per cent to close at N0.44. UACN closed at N0.45, going down by 8.16 per cent.
TOP FIVE TRADES
In all, 201.857 million shares estimated at N2.120 billion were traded in 3,827 deals.
Veritas Kapital was the most active stock with 29.780 million units of its shares worth N5.956 million traded in 18 deals. Fidelity Bank transacted 24.471 shares priced at N54.169 million in 113 trades. Zenith traded 20.927 million shares estimated at N481.178 million in 317 transactions. Access traded 15.401 million shares valued at N126.369 million in 224 deals. FBN Holdings had 10.132 million shares valued at N72.342 million traded in 151 deals.
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