Nigerian Stocks Begins Christmas Week Bullish, Gain 0.20%
Nigerian Stocks Begins Christmas Week Bullish, Gain 0.20%
The market closed 0.20 percent higher on Monday, signaling a positive trading session for the Nigerian Exchange (NGX) Limited’s first trading day of the Christmas week.
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Gains in shares of consumer goods and banking companies were among the factors behind yesterday’s stock market gains.
It was the fourth straight trading session that Nigerian stocks closed higher on the exchange as investors bought shares in companies that are anticipated to increase in value before the holiday shopping season.
From analysis, the consumer goods sector appreciated by 1.00 percent, the banking index grew by 0.12 percent, the insurance space fell by 0.05 percent, the energy counter depreciated by 0.01 percent, and the industrial goods segment closed flat.
Nigerian Stocks Begins Christmas Week Bullish, Gain 0.20%
At the close of business, the All-Share Index (ASI) increased by 98.67 points to 49,414.96 points from 49,316.29 points, while the market capitalization rose by N54 billion to N26.915 trillion from N26.861 trillion.
Thomas Wyatt closed the trading day as the best-performing stock as it rose by 8.77 percent to 62 Kobo, International Breweries improved by 5.81 percent to N4.55, Pharma-Deko grew by 5.00 percent to N2.10, Living Trust Mortgage Bank rose by 4.90 percent to N1.50, and Caverton increased by 3.45 percent to 90 Kobo.
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On the flip side, PZ Cussons finished the day as the worst-performing stock after it dropped 7.26 percent to trade at N11.50, Chams fell by 4.35 percent to 22 Kobo, UPDC REIT declined by 3.33 percent to N2.90, FTN Cocoa went down by 3.23 percent to 30 Kobo, and Africa Prudential tumbled by 2.73 percent to N5.35.
Business Post reports that the NGX closed Monday’s trading session with 14 price gainers and 10 price losers, indicating a positive market breadth and a strong investor sentiment.
Nigerian Stocks Begins Christmas Week Bullish, Gain 0.20%
However, the level of activity waned yesterday as investors traded 76.7 million stocks worth N1.3 billion in 3,260 deals, in contrast to the 103.7 million stocks worth N2.0 billion transacted in 3,280 deals in the preceding session, representing a decline in the trading volume, value and number of deals by 26.04 percent, 35.00 percent, and 0.61 percent, respectively.
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GTCO was the most active stock on Monday as it traded 16.6 million units. UBA transacted 7.6 million shares, Chams sold 4.2 million equities, Consolidated Hallmark Insurance traded 4.0 million stocks, and Zenith Bank exchanged 3.8 million stocks.
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