The performance of three sectors, on Monday, dragged the market capitalisation of equities listed on the Nigerian Stock Exchange higher by N22.56bn. The market capitalisation rose from N11.822tn on Friday to N11.844tn on Monday, as three out of five sectors closed on a positive note.
The insurance index gained the most as price appreciation in NEM Insurance Plc and Mutual Benefit Assurance Plc drove the index 0.8 per cent higher. The banking and consumer goods indices rose by 0.4 per cent and 0.1 per cent, respectively, as a result of bargain hunting in Zenith Bank Plc, Guaranty Trust Bank Plc, Nigerian Breweries Plc and Honeywell Flour Mills Plc.
The oil and gas index closed flat as losses in Eterna Plc were offset by gains in Conoil Plc, while the industrial index remained unchanged. Activity level weakened as volume and value traded declined by 27.6 per cent and 9.9 per cent, respectively to 120.7 million units and N1.3bn. The NSE All Share Index increased by 0.2 per cent to settle at 32,444.96 basis points while the year-to-date loss improved to 15.2 per cent.
The top traded stocks by volume were GTB (21.6 million), First City Monument Bank Plc (21.4 million), and NEM Insurance (11.2 million), while the top traded stocks by value were GTB (N788.6m), Zenith Bank (N125.8m) and Nestlé Nigeria Plc (N67.7m). Investor sentiment as measured by market breadth strengthened as 16 stocks advanced against 11 decliners.
The top five gainers were Unity Bank Plc, Neimeth International Pharmaceuticals Plc, Mutual Benefit, Caverton Offshore Support Group Plc and NEM Insurance, which saw their respective share prices gain 9.09 per cent, 8.47 per cent, 7.69 per cent, 7.61 per cent and 5.42 per cent to close at N0.96, N0.64, N0.28, N1.98, and N3.11.The top five losers were John Holt Plc, Guinea Insurance Plc, AIICO Insurance Plc, Presco Plc and Japaul Oil & Maritime Services Plc, which saw their respective share prices drop by 9.43 per cent, 9.38 per cent, 6.02 per cent, 5.66 per cent and 4.17 per cent to close at N0.48, N0.29, N0.78 N53.35, and N0.23. Analysts at Afrinvest Securities Limited said they believed that Monday’s performance would be sustained this week on the back of investors’ bargain hunting, which was expected to remain upbeat.