Equity market closed on a positive note on Monday, as investors’ portfolio was increased by the gains in bellwether stocks such as Dangote cement, Lafarge, Guaranty, Zenith among others.
The Nigerian Stock Exchange (NSE) All Share Index (ASI) grew by 1.46%, to 24,783.61 as a result of improved demand on blue chips stocks, following impressive H1 financial reports released by Dangote Cement and Lafarge. The share prices of the two companies appreciated by 5.66% and 9.59% respectively on Monday.
Investors gained N185.648 billion with the market capitalization soaring to N12.929 trillion.
Total of 169,998,011 units of shares valued at N2,385,453,653.35 were traded in 4,336 deals on Monday.
The activity chart was led by the shares of Flourmill in both volume and value, with 30,471,130 units of shares worth N518,056,801.55 exchanging hands in 101 deals.
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Two indices under our watch appreciated on Monday while three declined. The highest rise was seen in the Banking Index, which surged by 3.71% to close at 280.43, following gains in Guaranty (7.62%), Zenith (2.58%), UBA (2.50%) and Unity bank (9.62%) among others.
It is followed by the Industrial Index which rose by 3.34% due to rise in the share prices of Dangote Cement and Lafarge (Wapco).
The Oil and Gas Index suffered the heaviest loss. The index slumped by 5.70% to close at 171.82 as the share price of Seplat suffered the maximum possible loss coupled with 8.51% decline in Oando.
The Insurance Index lost 1.81% to settle at 120.13, mainly due to 10.00% decline in Mansard while the Consumer Index declined by 0.32% to close at 402.96.
Investor sentiment was weak at 0.79x, with 15 stocks advancing in prices and 19 declining.
Top five gainers by percentage with the closing prices are; Unitybnk (9.62%; N0.57), Wapco/Lafarge (9.59%; N12.00), Guaranty (7.62%; N23.30), Neimeth (7.14%; N1.50) and Dangcem (5.66%; N141.80).
Top five decliners by percentage are; UAC-Prop (-10.00%; N0.81), Mansard (-10.00%; N1.44), Seplat (-9.99%; N312.70), Berger (-9.84%; N5.50) and Cap (-9.76%; N17.10).
Analysts’ view at Investogist; Despite the rise in ASI, we still maintain our negative outlook to the market in the short and medium term.