Market rebounds with N59bn gain as ASI rises 0.07%

The Nigerian equities market resumed the week on a positive note, reversing last week’s mild pullback triggered by profit-taking activities.

At the close of trading on Monday, the All-Share Index (ASI) edged up by 0.07% to settle at 144,722.47 points, compared to 144,628.20 points in the previous session. Market capitalisation rose by N59 billion, or 0.06%, to close at N91.569 trillion from N91.502 trillion.

Investors exchanged 1.15 billion units of shares worth N16 billion in 38,160 deals. Market breadth closed positive, with 43 gainers against 27 losers.

Top gainers

UPDC and AIICO Insurance led the gainers’ chart, appreciating by 10% each to close at N7.15 and N4.18 respectively. Cornerstone Insurance gained 9.99%, while DEAPCAP advanced 9.94%.

Top losers

STANBIC emerged the day’s biggest laggard, losing 9.99% to close at N100.00 from N111.10. PZ Cussons and NEM Insurance also shed 7.89% and 7.85% respectively.

Volume drivers

Universal Insurance dominated trading with 202 million shares valued at N266 million, exchanged in 633 deals. Linkage Assurance followed with 78 million shares worth N207 million, while LASACO traded 66 million shares valued at N263 million.