The Nigerian equity market continued from where it stopped last week as it appreciated 0.07 per cent on Monday, underpinned on gains in Dangote Cement, Guinness and WAPCO.
The All-Share Index (ASI) was higher by 17.76 absolute points, representing a growth of 0.07 per cent to close at 25,327.13 points, investors gained N9.26 billion as the Market Capitalization improved 0.07 per cent to close at N13.21 trillion, moderating this year’s loss to -5.6 per cent.
The volume and value of equities traded increased 120.4 per cent and 185.5 per cent to 302.0 million units and ₦2.6billion, respectively.
The most active stocks by volume were UACN (74.4m units), ZENITH (23.9m units) and UBA (22.4m units) while UACN (₦435.3m), ZENITH (₦400.4m) and NESTLE (₦289.7m) led by value.
The top gainers were MOBIL (+10.0%), FTNCOCOA (+8.3%) and ROYALEX (+7.7%) while CILEASING (-10.0%), UAC-PROP (-7.6%) and REDSTAREX (-5.2%) lost the most. We expect the soft demand to be sustained on the back of improved investor appetite.
The Oil & Gas and Industrial Goods indices closed positive, up 199bps and 55bps respectively owing to price upticks in MOBIL (+10.0%) and DANGCEM (+0.5%). Conversely, losses in ACCESS (-3.3%), ZENITH (-0.6%) and NEM (-3.7%) dragged the Banking and Insurance indices by 74bps and 61bps respectively.
Lastly, the Consumer Goods index contracted 1bp following sustained selloffs in GUINNESS (-2.5%) while the AFR-ICT index closed flat.
