NSE sustains positive momentum with N42bn growth

NSE sustains positive momentum with N42bn growth

<p class="">Analysts expected the performance of the equities market to be dictated by the earnings’ result.</p>

<h1>Transactions on the Nigerian Stock Exchange (NSE) opened for the week on Monday still on an upward trend with the market capitalisation crossing N15 trillion mark.</h1>

<p class="">Specifically, the market capitalisation which opened at N14.999 trillion inched higher by N42 billion or 0.28 per cent to close at N15.041 trillion.</p>

<p class="">Also, the All-Share Index increased by 80.90 points or 0.28 per cent to close at 28,777.96 compared with 28,697.06 achieved on Friday.</p>

<p class="">The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which were Flour Mills, Dangote Cement, Custodian Investment, Ecobank Transnational and Glaxo Smithkline.</p>

<p class="">This week, analysts at United Capital Plc said, <em>"We expect more earnings to come in and investors will continue to cheery picks on stocks."</em></p>

<p class="">Also, analysts at Afrinvest Ltd., expected the performance of the equities market to be dictated by the earnings’ result.</p>

<p class="">Market breadth was positive with 27 gainers against 15 losers.</p>

<p class="">Custodian Investment led the gainers’ chart in percentage terms, gaining 10 per cent to close at N5.50 per share.</p>

<p class="">NPF Microfinance Bank trailed with 9.70 per cent to close at N1.47, while eTranzact rose by 7.73 per cent to close at N1.95 per share.</p>

<p class="">ETI and Lasaco Assurance improved by 7.69 per cent each to close at N4.90 and 28k per share, respectively.</p>

<p class="">On the other hand, Morison Industries led the losers’ chart in percentage terms, losing 10 per cent to close at 54k per share.</p>

<p class="">Consolidated Hallmark Insurance lost 8.82 per cent to close at 31k, while NASCON shed 8.39 per cent to close at N13.10 per share.</p>

<p class="">Wapic Insurance dropped 7.50 per cent to close at 37k, while Livestock Feeds depreciated by 7.46 per cent to close at 62k per share.</p>

<p class="">In the same vein, the total volume of shares traded increased by 20.44 per cent as investors bought and sold 340.80 million shares worth N5.56 billion in 4,235 deals.</p>

<p class="">This was in contrast to 282.97 million shares valued at N4.43 billion exchanged in 2,942 deals on Friday.</p>

<p class="">Transactions in the shares of Guaranty Trust Bank topped the activity chart with 56.79 million shares valued at N1.74 billion.</p>

<p class="">Zenith Bank followed with 47.79 million shares worth N1.01 billion, while Wapic Insurance traded 40.05 million shares valued at N14.76 million.</p>

<p class="">FBN Holdings sold 26.14 million shares worth N160.09 million, while United Bank for Africa accounted for 21.76 million shares worth N155.39 million.</p>

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