The Nigerian equity market resumed on a positive note, appreciating on Monday by 0.07 per cent, driven by gains recorded by MTN Nigeria and some commercial banks.
The All-Share Index was up by 16.90 points, representing 0.07 per cent growth to 22,616.28, compared with 22,599.38 recorded on Friday.
Accordingly, Month-to-date gain increased to 6.2 per cent as Year-to-Date losses moderated to -15.7 per cent.
Similarly, the overall market capitalisation size increased by N9 billion to close at N11.786 trillion against N11.777 trillion on Friday.
The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are: MTN Nigeria, Guaranty Trust Bank, Union Bank of Nigeria, Zenith Bank and Oando Plc.
Analysts at Afrinvest Limited expected market performance to be driven by corporate earnings released for the rest of the week.
United Capital Plc stated that “Looking ahead, we believe the influx of first quarter (Q1), 2020 earnings will continue to shape the interest of investors in the equity market.
“However, global economic fundamentals and oil market conditions might dissuade interest,” they said.
Lasaco Assurance dominated the gainers’ chart in percentage terms, with a gain of 8.33 per cent to close at 26k per share.
Chams followed with 4.76 per cent to close at 22k, while Oando appreciated by 3.91 per cent to close at N2.39 per share.
Guaranty Trust Bank grew by 3.63 per cent to close at N20, while UBN appreciated by 3.05 per cent to close at N6.75 per share.
Conversely, Nigerian Breweries led the losers’ chart in percentage terms, dropping by 10 per cent, to close at N31.05, per share.
Skyway Aviation Handling Company followed with a 6.58 per cent to close at N1.42, while Transcorp went down by 5.41 to close at 70k per share.
Royal Exchange lost 4.76 per cent to close at 20k, while AIICO Insurance shed 3.61 per cent to close at 80k per share.
The total volume of trades decreased by 48.91 per cent with an exchange of 108.12 million shares valued at N1.33 billion in 3, 354 deals.
This was in contrast with 211.62 million shares worth N2.23 billion sold in 3,957 deals on Friday.
Transactions in the shares of Lasaco Assurance topped the activity chart with 13.54 million shares valued at N3.52 million.
GTBank followed with 11.75 million shares worth N228.99 million, while UBA traded 11.02 million shares valued at N64.99 million.
FBN Holdings traded 7.43 million shares valued at N32.19 million, while Access Bank transacted 6.53 million shares worth N40.877 million. (VON)