NSE: Market indices open week with 0.16% growth

Trading reopened for the week on the nation’s bourse with a growth of 0.16 per cent, extending the bullish run to five consecutive trading sessions.

NSE: Market indices open week with 0.16% growthSpecifically, the All-Share Index which opened at 26,991.42 rose by 44.36 points or 0.16 per cent to close at 27,035.78.

Similarly, the market capitalisation inched N22 billion or 0.16 per cent to close at N13.049 trillion in contrast with N13.027 trillion on Friday.

The market growth was championed by Nestle Nigeria, Presco, Dangote Sugar Refinery, Cadbury Nigeria and Guaranty Trust Bank.

Analysts at Afrinvest Limited expected the local bourse to sustain gains as investors continue to take position in fundamentally sound stocks, given the Open Market Operation (OMO) and Treasury Bill (T-Bill) restrictions.

Market breadth closed positive with 20 gainers compared with 16 losers.

A breakdown of the gainers’ chart shows that Law Union & Rock Insurance recorded the highest price in percentage terms, improving by 10 per cent to close at 66k per share.

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Jaiz Bank followed with a gain of 9.52 per cent to close at 69k, while Presco increased by 9.39 per cent to close at N37.85 per share.

Neimeth went up by 8.93 per cent to close at 61k, while Cadbury Nigeria appreciated by 8.89 per cent to close at N9.80 per share.

Conversely, Okomu Oil led the losers’ chart in percentage terms with a loss of 9.73 per cent to close at N49.65 per share.

Cutix followed with a decline of 9.52 per cent to close at N1.33, while FBN Holdings lost by 7.33 per cent to close at N6.95 per share.

Cornerstone Insurance dipped 7.14 per cent to close at 78k, while Livestock Feeds shed 5.66 per cent to close at 50k per share.

However, the total volume of shares traded increased by 11.21 per cent with an exchange of 230.65 million shares worth N3.21 billion achieved in 4,254 deals.

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This was in contrast with a turnover of 207.40 million shares valued at N2.83 billion transacted in 3,630 deals on Friday.

Transactions in the shares of Zenith Bank topped the activity chart with 42.34 million shares worth N798.19 million.

Guaranty Trust Bank came second with 26.01 million shares valued at N775.73 million, while FBN Holdings accounted for 19.75 million shares worth N140.49 million.

Transcorp sold 16.75 million shares valued at N17.21 million, while Fidelity Bank transacted 15.15 million shares worth N30.77 million.

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