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Stock Market appreciates by N8bn over weak investors sentiment

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The Stock Market segment of the Nigerian Stock Exchange (NSE) started the week on a weak note, attributable to weak investors trading.

By market capitalization, the stock market gained N8billion to close at N12.908 trillion from N12.900 trillion it closed last week.

Consequently, the NSE All-Share Index (NSE ASI) closed at 29,287.87basis points, a 0.06per cent increase from 29,270.95 basis points it opened for trading on Monday.

The bullish took hold of the equities market on Monday as 17 stocks appreciated as opposed 14 stocks that depreciated in price.
Leading the price gainers on Monday was Flour Mills of Nigeria that gained 10 per cent to N16.50 from N15.00 and Unity bank that recorded 9.68 per cent increase in share price to N0.68 from N0.62.
Other gainers include Redstar express that appreciated by 9.09 per cent to N5.40 from N4.95, while Wema bank also gained 8.20 per cent to close on Monday at N0.66 from N0.61.
On the losers side, Forte Oil Plc top the chart after dropping 10 per cent to close at N24.30 from N27.00 while Glaxosmith slumped by 9.80 per cent to N9.20 from N10.20 the equities market opened on Monday.

Other losers are Total with 5.41 per cent decline to N140.00 while Sovereign Insurance Plc recorded 4.76 per cent decline to N0.20 from N0.21.
Volume of trades declined by 27.52per cent to stand at 216million shares as opposed 298million shares traded the previous trading session. Value on the other hand also closed 24.05per cent upbeat to close at 2.27billion naira as opposed N1.83billion naira recorded in the previous trading session.

Transactions in the shares of Wapic Insurance Plc, FBN Holdings Plc , Zenith Bank Plc, Mutual Benefit and United bank for Africa (UBA) Plc topped the activity chart as the most traded equities as measured by volume.

All sectoral indices gained weight save for the Banking index and Oil and Gas index that lost 0.09per cent and 1.44per cent respectively.
“We retain our cautious trading advice in the short run. However, accumulation of fundamentally justified and dividend-paying stocks for mid to long term is recommended,” analysts at APT Securities limited explained.

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