Nigerian stock market on Monday, extended gains from previous week as the benchmark index closed 0.17 per cent stronger.
The All Share Index (ASI) rose by 83.71 points, representing an increase of 0.17 per cent to close at 48,543.36 points.
This is as the overall market capitalisation value gained N45 billion to close at N26.170 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; TotalEnergies Marketing Nigeria, Nigerian Breweries, Stanbic IBTC Holdings, Julius Berger and Lafarge Africa.
Analysts at Afrivest Limited said: “in the next trading session, we expect the positive performance to be sustained on the back of the improved market sentiment and release of favourable Q1, 2022 earnings.”
Looking ahead, United Capital Plc expected the tone of the market will be dictated by the outcome of the ongoing Q1, 2022 earnings season, saying, “further positive takes may strengthen investors’ resolve to remain bullish on the market but we note that the bourse is due some short term correction following the steep uptrend observed in consecutive weeks.”
Market sentiment, as measured by market breadth was positive as 43 stocks gained, relative to 16 losers. UPDC Real Estate Investment Trust recorded the highest price gain of 10 per cent to close at N3.85, per share. Ikeja Hotel followed with a gain 9.93 per cent to close at N1.55, while Eterna rose by 9.92 per cent to close at N7.31, per share.
Oando rose by 9.90 per cent to close at N6.44, while Skyway Aviation Handling Company appreciated by 9.89 per cent to close at N7.30, per share.
On the other hand, Unity Bank led the losers’ chart by 6.00 per cent to close at 47 kobo, per share. Academy Press followed with a decline of 5.98 per cent to close at N1.10, while Japaul Gold and Ventures depreciated by 5.88 per cent to close at 32 kobo, per share.
UACN Property Development Company(UPDC) declined by 4.49 per cent to close at 85 kobo, while Wapic Insurance depreciated by 4.35 per cent to close at 44 kobo, per share.
Meanwhile, the total volume of trades fell by four per cent to 328.392 million units, valued at N4.038 billion, and exchanged in 5,711 deals.
Transactions in the shares of Zenith Bank topped the activity chart with 35.842 million shares valued at N912.150 million. Oando followed with 30.817 million shares worth N198.277 million, while AXA Mansard Insurance traded 23.071 million shares valued at N58.733 million.
Transnational Corporation of Nigeria (Transcorp) traded 20.683 million shares valued at N22.247 million, while FBN Holdings transacted 20.086 million shares worth N240.042 million