Stock market opens week on a positive note

Nigeria’s stock market opened this week on a positive note as investors gained N36billion at the close of remote trading on Monday May 4.

The market’s benchmark performance indicator (All Share Index) also gained 0.30 percent because investors are still buying fundamentally sound stocks trading at record lows.

Nigeria on Monday began easing the lockdown in its major cities – Lagos, Abuja and Ogun State.

The NSE All-Share Index and Market Capitalisation opened this week’s trading
at 23,021.01points and N11.997 trillion respectively, but at the close of trading session the indicators increased to 23,089.86 points and N12.033trillion. The market’s negative return year to date stood lower at -13.98percent.

Stocks like MTNN, Zenith Bank, GTBank, Nestle, Access Bank, UBA, Dangote Sugar, Ardova, among others have seen increased buy sentiment lately, against sell positions taken on the likes of Seplat Petroleum due to record crude oil price decline.

MTNN Plc led the advancers league after its share price moved from N112 to N116, adding N4 or 3.57percent, followed by Ardova Plc which increased from N11.55 to N12.7, adding N1.15 or 9.96percent and Dangote Sugar which increased from N12.45 to N12.8, adding 35kobo or 2.81percent.

On the decliners list, Guinness Nigeria Plc topped others after its share price moved from day open high of N18.4 to N17.5, losing 90kobo or 4.89percent; Access Bank followed after declining from N6.6 to N6.1, losing 50kobo or 7.58percent and Lafarge Africa Plc which dropped from N10.8 to N10.3 shedding 50kobo or -4.63percent.

In 6,538 deals, investors exchanged 249,859,281million units valued at N2.396billion.
GTBank, FBN Holdings, UBA, Zenith Bank and Access Bank were actively traded stocks on Bourse.

Last week, the equities market appreciated by1.9percent to close the month of April, rebounding 8.1 percent month on month after tumbling by 20.9percent in March.

Analysts say the implementation of OPEC+ supply cut deal and the influx of more quarterly earnings (Q1) will drive sentiments this week amid increasing number of countries weighing the need to unlock economic activities as the debate around health and economic wellbeing gets louder.

Investors are expected to take more positions in healthcare stocks due to increased interest in the sector lately.