Stock Market Begins On Positive Note As Investors Gain N643bn In One Day

The Nigerian stock market started the week on a positive note as investors gained N643.14bn at the end of trading on Monday, November 8.

The All-Share Index of the Nigerian Exchange Limited rose by 2.93 per cent to 43,246.87 basis points from 42,014.50bps on Friday.

The market capitalisation of equities also jumped up to N22.57tn from N21.93tn amid positive investor sentiment in large-cap stocks.

Also, the market activities were positive as the total volume of shares traded on the floor of the NGX climbed by 60.12 per cent to 443.61 million units valued at N5.05bn in 5,233 deals from 277.04 million units valued at N2.38bn traded in 3,524 deals on Friday.

Sterling Bank Plc was the most traded stock by volume, accounting for 18.31 per cent of the total volume traded while Zenith Bank Plc emerged as the most traded stock by value, representing 15.79 per cent of the total value of stocks traded.

The market sentiment, as measured by market breadth, was negative as 26 firms recorded losses as against 19 gainers.

Airtel Africa Plc led the gainers’ chart as its share price rose by 10 per cent to N858. It was followed by Red Star Exchange Plc with a 9.94 per cent increase to N6.21 per share.

Other top gainers were Cutix Plc (9.91 per cent), MTN Nigeria Plc (9.62 per cent), and Unilever Nigeria Plc (9.36 per cent).

Conoil Plc recorded the biggest loss on Monday as its share price slumped by 9.8 per cent to N23.

CWG Plc followed with a 9.73 per cent drop to N1.02 per share. Custodian Investment Plc, Honeywell Flour Mills Plc and Africa Prudential Plc also recorded major losses at the end trading.

Recall, Primebusiness.africa, however, previously reported that the market incurred losses of a sum of N12.58bn last week.

The All-Share Index of the NGX dropped by 0.06 per cent to close the week at 42,014.50 basis points from 42,014.50bps the previous week, while the market capitalisation fell to N21.93tn from N21.94tn.

All other indices finished lower with the exception of NGX Main Board, NGX Insurance, NGX MERI Growth, NGX Lotus II and NGX Industrial Goods indices, which appreciated by 0.32 per cent, 0.99 per cent, 0.09 per cent, 0.15 per cent and 0.88 per cent respectively, while the NGX ASeM Index closed flat.