Equities market rebounds with renewed interest in blue-chip stocks

Equities market traded positive on Monday as the Nigerian Stock Exchange All-Share Index and Market Capitalisation opened the week on renewed buy interest in blue-chip stocks.

The market capitalisation rose by 0.21 per cent to gain N46bn, closing the day trading with N21.49tn.

Also, the ASI Index rose by 0.21 per cent to close at 41,088.96 points as the year-to-date gain climbed to 2.03 per cent.

Though trading closed on a positive note, 30 stocks recorded losses as against 19 gainers.

Similarly, the sectorial performance was bearish as three out of the five indices tracked closed in red territory.

“Specifically, we saw renewed buy interest in blue-chip stocks such as AIRTELAFRI, WAPCO, DANGCEM, and FBNH. Hence, their respective share prices rose by 0.38 per cent, 1.92 per cent, 0.85 per cent and 0.65 per cent,” analysts from Cowry Asset Management stated.

Meanwhile, the insurance index fell by 0.58 per cent, as “Consumer Goods and Industrial” indices also declined by 0.72 per cent and 0.80 per cent.

On the positive side, the “Banking and Industrial” indices increased by 0.49 per cent and 0.54 per cent, respectively.

Meanwhile, activity in the market was weak as total deals moderated by 2.20 per cent to 5,640 deals, the volume of stocks by 43.68 per cent or 0.33bn units, and the value of stocks by 47.94 per cent or N2.6bn.

Ehime Alex
Ehime Alex
Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

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