Nigerian equity market reverses last week’s loss

Nigerian equity market resumed on a bullish note on Monday after recording four consecutive declines last week.

The market’s appreciation was driven by the gains recorded Dangote Cement, Airtel Africa, and UBN, which lifted the benchmark index rose 0.21% to close at 41,088.96 points.

So, the market capitalisation increased ₦45.5billion to close at ₦21.5tn market capitalisation increased ₦45.5bn to settle at ₦21.5trillion while the YTD return improved to 2.0%.

The volume and value investors traded dipped 43.7% and 47.9% to 333.1 million units and ₦2.6billion respectively.

The most traded stocks by volume were TRANSCORP, MANSARD and FIDELITY, while ZENITH, AIRTELAF  and GUARANTY topped by value.

Price appreciation in DANGCEM, WAPCO, UBN and ACCESS boosted the Industrial Goods and Banking indices to both advanced 0.5%.

AIRTELAF also drove the AFR-ICT index 0.2% higher.

However, the Oil  & Gas index led the laggards, down 0.8% following sell-offs in ARDOVA and OANDO, while price declines in INTBREW, NASCON, AIICO and WAPIC dragged the Consumer Goods and Insurance indices down by 0.7% and 0.6% respectively.

ACADEMY, MAYBAKER and MRS were the best-performing tickers, while ROYALEX, CILEASING and ARDOVA topped the losers.