Nigerian stocks advanced for the 31st day on Monday as the benchmark jumped 1.9%, bolstering positive sentiment that saw much of investors’ money chase stocks for several weeks.
Consumer goods stocks were the toast for investors as heavyweights like Nigerian Breweries, International Breweries and Presco as well as MTN generated gains.
“We anticipate a calm atmosphere in the domestic equities space as investors are likely to return to distant positions in the space after a relatively strong earnings season,” analysts at investment bank United Capital said. .
“We expect to see some profit taking over the coming week, with a focus on high yield positions,” they added.
Market breadth, an indicator of investor sentiment to trade, closed positive as 37 winners emerged against 22 laggards.
The all-stock index rose 968.4 basis points to 51,902.5, while market capitalization increased to N28 trillion.
The index has returned 21.5% so far this year.
TOP FIVE WINNERS
Nigerian Breweries led the gains, rising 10% to close at N77. Cadbury rose 9.96% to end trading at 14.90 naira. Royal Exchange rose 9.90% to N1.11. Champion rose to N3.67, registering a rise of 9.88% in the process. International Breweries rose 9.63% to N7.40.
TOP FIVE LOSERS
Transcorp Hotels tops the losers chart, down 10% to close at N4.05. Guinness fell 9.59% to end trading at 99.45 naira. Multiverse closed at N0.20, down 9.09%. Wapic fell to N0.42, losing 6.67% in the process. Sunu Assurance fell to N0.31, registering a depreciation of 6.06%.
TOP FIVE OCCUPATIONS
A total of 337.6 million shares valued at N5.6 billion were traded in 7,684 transactions.
Transcorp was the most active stock with 37.8 million of its shares worth N45 million traded in 292 deals. GTCO traded 24.8 million shares at a price of 580.6 million naira in 521 transactions. Zenith Bank had 21.2 million shares valued at N521.7 million in exchange for 396 transactions. Access Holdings traded 19.3 million shares valued at N185.4 million in 271 transactions. FBN Holdings traded 15.8 million shares valued at N190.3 million in 228 transactions.
Support the integrity and credibility journalism of PREMIUM TIMES
Good journalism costs a lot of money. Yet only good journalism can guarantee the possibility of a good society, an accountable democracy and a transparent government.
For free and continued access to the best investigative journalism in the country, we ask that you consider providing modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you help sustain relevant journalism and keep it free and accessible to everyone.
ANNOUNCEMENT TEXT: To post an ad here . Call Willie – +2348098788999