Stocks Market Start Week Strong with N193bn Gain

The Nigerian stock market start the new week on a positive note, adding N193 billion to investors’ wealth in Monday’s trading session. This bullish momentum extended last week’s upward trend.

However, the market capitalisation, which opened at N76,339 trillion, added 193 billion or 0.25 per cent to close at N76.532 trillion.

The All-Share Index also gained 0.25 per cent or 305.67 points, to settle at 121,295.33 against 120,989.66 recorded on Friday.

Also, the market breadth closed positive with 55 gainers and 23 losers.

The positive performance was driven by increased investors interest in large capitalised stocks like Cadbury, Ellah Lakes, Tripple Gee, UPDCreit, Red Star Express and 50 others.

Cadbury Nigeria led the advancers chart, increasing by 10 per cent, closing at N53.35 and Ellah Lakes also soared by 10 per cent, settling at N8.91 per share. Tripple Gee rose by 10 per cent, ending the session at N2.97 while UPDCREIT also climbed by 10 per cent, finishing at N7.15 per share. Also, Red Star Express grew by 9.92 per cent, closing at N9.20 per share.

On the other side, Sunu Assurances shed by 10 per cent, settling at N4.50 while RT Briscoe declined by 9.59 per cent, finishing at N3.30 per share.

Prestige dropped by 9.09 per cent, closing at N1.20 and UPDC fell by 8.23 per cent, ending the session at N4.35 per share. Berger Paints lost by 7.58 per cent, closing at N30.50 per share.

824.10 million shares worth N14.44 billion were traded across 24,042 transactions, compared to 923.7 million shares worth N11 billion that was exchanged across 25,680 transactions earlier recorded. Transactions in the shares of Universal Insurance topped the activity chart with 71.92 million shares worth N48.94 million.

First City Monument Bank followed with 61.4 million shares valued at N564.78 million while Ja Paul Gold transacted 53.34 million shares worth N136.1 million. Access Corporation sold 42.02 million shares valued at N942.81 million and AIICO Insurance traded 40.10 million shares worth N64.84 million.