Following gains in most highly-capitalised stocks, transactions on the floor of the Nigerian Stock Exchange (NSE) reversed the previous day’s losses to close upbeat as market capitalisation appreciated by N128 billion.
At the close of transactions yesterday, the All-Share Index (ASI) increased by 244.40 absolute points, representing a rise of 0.63 per cent to close at 38,931.25 points. Market capitalisation value gained N128 billion to close at N20.369 trillion.
The market gain was driven by price appreciation in large and medium capitalised stocks including Nestle Nigeria, Dangote Cement, Nigerian Breweries, May & Baker Nigeria and Africa Prudential.
Analysts at Afrinvest said: “Moving forward, we expect the overall bearish sentiment to be sustained in the market. However, there are opportunities for bargain hunting amid cheap attractive stocks.”
Nigerian stock market reacts to demutualisation approval, up N128bn
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Demutualisation: Nigerian stock market grows by N128bn
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The nation’s stock market finished lower on Monday as 26 firms recorded price losses at the end of trading.
The Nigerian Stock Exchange All Share Index declined by 0.08 per cent to close at 40,154.09 basis points from 40,186.70bps on Friday.
The market capitalisation of equities fell to N21.01tn from N21.03tn on Friday.
Africa Prudential Plc led the losers on Monday as its share price dropped by 9.59 per cent to N6.60. It was followed by LASACO Assurance Plc, whose share price fell by 9.52 per cent to N1.52.
Niger Insurance Plc shed 8.70 per cent to close at N0.21 per share; Lafarge Africa Plc lost eight per cent to close at N23 per share; while Red Star Express Plc declined by 7.42 to close at N3.12 per share.