Equities market opens week on a positive note
Nigeria’s equities market opened this week in green (+0.10percent or N23billion), fuelled by rally in newly listed BUA Foods, MRS, PZ Cussons and others. This year’s positive return has increased to 2.73percent.
BUA Foods which opened at N53.20 per share led the top gainers league after closing at N58.50, up N5.30 or 9.96percent. MRS rose from N12.35 to N13.55, up by N1.20 or 9.72percent. PZ Cussons rose from N6.45 to N7, up 55kobo or 8.53percent.
As at the close of trading session on Monday, January 10, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) rose to 43,897.13 points from preceding day’s 43,854.42 points.
The value of listed stocks on the Nigerian Bourse increased from N23.627trillion to N23.650 trillion.
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“This week, we expect the market to maintain its bullish momentum as investors continue to take positions ahead of the dividend season amidst pockets of profit-taking,” said United Capital Research in their recent investment views.
BUA Foods, Transcorp, Zenith Bank, GTCO, and Sovereign Trust Insurance were the most traded stocks on the Bourse. In 5,159 deals, investors exchanged 311,255,714 units valued at N8.642billion.
“Despite the gains witnessed in the market in the past weeks, our valuations reflect that significant headroom still exists for further price appreciation on most tickers. However, the possibility of profit-taking on tickers which gained significantly over the past two weeks cannot be ruled out. However, the mood in the market this week is expected to be predominantly bullish”, said Lagos-based Meristem analysts in their January 10 note.