The Nigerian stock market extended its uptrend to eleventh successive sessions, recording its largest single daily gain in five months on Monday.
Price appreciation in Airtel Africa, MTNN, Zenith Bank and 33 others drove the All-Share Index (ASI) to increase by 586.79 absolute points, representing a growth of 2.11 per cent to close at 27,554.56 points, the Market Capitalization gained N297.29 billion, representing an increase of 2.11 per cent to close at N14.40 trillion as the year to date return of the bourse rose to 2.7 per cent.
REDSTAREX, GLAXOSMITH and NPFMCRBK were top gainers while TRIPPLEG, OANDO and UAC-PROP led the laggards with analysts at Afrinvest Securities projecting that the market would sustain positive performance, which would be driven strong investors sentiment amid discounted valuation of stocks.
The volume and value equities traded spiked to 132.0 per cent and 158.6 per cent to 603.9 million units and ₦7.4 billion respectively.
The most traded stocks by volume were ZENITH (204.7m units), STERLNBANK (55.2m units) and UBA (51.3m units) while ZENITH (₦3.8bn), GUARANTY (₦1.1bn) and UBA (₦328.8m) led by value.
The AFR-ICT and Banking indices gained the most, appreciating 4.5 per cent and 3.4 per cent respectively, following buying interest in MTNN (+3.9 per cent), AIRTELAFR (+5.3 per cent) and ZENITH (+5.3 per cent).
The Insurance and Oil & Gas indices trailed, as bargain hunting in AIICO (+6.3 per cent), ARDOVA (6.4 per cent) and SEPLAT (+2.5 per cent), respectively drove a 2.0 per cent and 0.8 per cent gains in the indices.
Likewise, the Consumer and Industrial Goods indices inched up by 0.4 per cent apiece due to investors’ interest in DANGSUGAR (+2.3 per cent), GUINNNESS (+7.1 per cent) and WAPCO (+5.6 per cent).