Stock Market Recovers With Rise Of 0.14 Per Cent

The Nigerian Exchange Ltd. (NGXstock )'s market recovered to start the week with a 0.14 per cent rise on Monday, helped by increases in blue-chip stocks.

The All-Share Index (ASI), which closed on Friday at 55,529.21, increased by 76.36 points, or 0.14 percent, to reach 55,605.57.

In a similar vein, market cap increased marginally by N42 billion to settle at N30.291 trillion, up from N30.249 trillion on Friday.

Gains in medium- and large-capitalised stocks, including MTN Nigeria, WAPCO, UBA, Unity Bank, Julius Berger, and International Energy Insurance, had an impact on the recovery.

Analysts said: “it was a tepid trading day on Monday, amid profit taking mostly in the banking sector (all-tier-I banks except UBA, which closed in the red.

“We expect another mixed sectorial performance on Tuesday as investors begin to cherry-pick counters across board.’’

16 stocks saw gains and 20 stocks posted decreases, resulting in a negative market breadth at the close.

The biggest price increase, 10%, was recorded by Julius Berger, which closed at N26.95 per share.

International Energy Insurance increased by 8.33 per cent to conclude at N1.30 per share, while Unity Bank gained 9.26% to close at 59k per share.

Although Chams gained 4% to settle at 26k per share, Livestock gained 4.67 per cent to close at N1.12 per share.

On the other hand, Computer Warehouse Group topped the list of losers, losing 7.14k, or 1%, to settle at 91k per share.

Following FTN Cocoa Processors, which saw a decrease of 6.67% to close at 28k per share, and OandO, which saw a decline of 4.39% to close at N4.36 per share.

Japaul Gold & Ventures lost 3.45 percent to settle at 28 thousand per share, while Courteville Business Solutions lost 4.17 percent to close at 46 thousand.

The total amount of shares traded decreased by 33% to 125.55 million, with N2.48 billion changing hands in 4,076 deals.

In comparison, 3,962 transactions totaling 184.24 million shares worth N2.54 billion were made on Friday.

Transcorps share transactions, totaling 11.8 million shares valued at N15.36 million, topped the list of activities.

UBA traded 9.19 million shares worth N79.04 million, while Guaranty Trust Holding Company (GTCo) traded 9.4 million shares worth N248.3 million.

As Fidelity Bank traded 6.45 million shares worth N33.19 million, OandO sold 8.35 million shares worth N36.78 million.