Nigerian stocks were up 0.2 per cent on Monday in further stretch of a gaining streak that began on April 7, an upturn that could last even longer and sustain investors’ interest if the outstanding first quarter financial reports by companies turn out strong.
More cash poured into equities, with volume increasing 40 per cent over the figure for Friday and turnover 22 per cent.
Lafarge Africa, oil driller Oando, Nigerian Breweries and GTCO led the charge, even though the pace of gain was muted by virtue of profit-taking in some stocks.
Market breadth, an indicator of investors’ sentiment towards trade, was neutral as 43 gainers were recorded compared to 16 laggards.
Analysts at brokerage firm United Capital “we expect the tone of the market will be dictated by the outcome of the ongoing Q1-2022 earnings season.”
“Further positive takes may strengthen investors’ resolve to remain bullish on the market but we note that the bourse is due some short term correction following the steep uptrend observed in consecutive weeks,” they said.
The all-share index jumped 99.3 basis points to 48,558.9, while market capitalisation rose to N26.2 trillion.
Year to date, the index is up 13.7 per cent.
TOP FIVE GAINERS
UPDC REIT led gainers, appreciating by 10 per cent to close at N3.85. Ikeja Hotel went up 9.93 per cent to N1.55. Eterna rose to N7.31, notching up 9.92 per cent in the process. Oando added 9.90 per cent to end trade at N6.44. SAHCO completed the top 5, climbing by 9.89 per cent to N7.
TOP FIVE LOSERS
Unity Bank was the worst performing stock, declining by 6 per cent to close at N0.47. Academy shed 5.89 per cent to close at N1.10. Japaul Gold fell to N0.32, losing 5.88 per cent. UPDC slid to N0.85, recording 4.49 per cent depreciation. WAPIC Insurance closed at N0.44, going down by 4.35 per cent.
TOP FIVE TRADES
Altogether, 328.4 million shares estimated at N4 billion were traded in 5,711 deals.
Zenith Bank was the most active stock with 35.8 million units of its shares worth N32.6 million traded in 348 deals. Oando traded 30.8 million shares priced at N198.3 million in 308 transactions. Mansard had 23.1 million shares valued at 58.7 million traded in 153 deals. Transcorp traded 20.7 million shares valued at N22.2 million in 143 deals. FBN Holdings traded 20.1 million shares estimated at N22.2 million in 172 transactions.
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