Geregu, Nahco, May & Baker top advancers as market opens week in green

Geregu Power Plc led the league of gainers on Monday January 30 after its share price rose from N160 to N176, up N16 or 10percent. It was followed by Nahco Plc which rose from N7.80 to N8.55, up 75kobo or 9.62percent and May & Baker Plc which increased from N4.48 to N4.85, up by 37kobo or 8.26percent.

In their January 30 market previous, Meristem research analysts said, “We expect positive sentiment to persist in the market this week as investors continue to take position on stocks that are at attractive prices.”

“Also, we do not consider the Monetary Policy Committee (MPC)’s decision to raise the Monetary Policy Rate (MPR) by 100 basis points (bps) to 17.50percent last week as a trigger that would have much influence on the equities market this week. The market appears to have priced the rate hike expectation in beforehand. Thus, we expect the market to close in the green zone this week,” Meristem analysts said.

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At the close of Monday’s trading session, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its equities market capitalisation increased by 0.95percent and N272billion respectively, from 52,657.88 points and N28.681trillion to 53,157.83 points and N28.953trillion. The Nigerian stock market has risen this year by 3.72percent.

“So far, the market has defied expectations by maintaining strength despite signs of overstretching. Over the medium term, we retain our positive outlook for Nigerian equities, supported by depressed yields in the money market space. However, we express caution that in the coming days, significant profit taking activities could see the market witness a pull back,” said analysts at Lagos-based United Capital.

Zenith Bank, GTCO, Transcorp, UBA and Geregu were top-5 traded stocks on the Exchange as investors in 4,332 deals exchanged 201,359,381 shares valued at N5.666billion.