Nigeria’s equities market started this new trading week with marginal increase of 0.08percent in its benchmark performance indicator, confirming some of the market analysts’ positive outlook.
Meyer Plc led the gainers after its share price increased from 57kobo to 62kobo, up by 5kobo or 8.77percent, followed by Champion Breweries which rose from N1.98 to N2.10, adding 12kobo or 6.06percent.
Also on the advancers list include Julius Berger which increased from N19.10 to N20, after adding 90kobo or 4.71percent.
Fidson Healthcare led the top laggards’ league, after its share price decreased from N5.10 to N4.60, losing 50kobo or 9.80percent and Lasaco which dipped from N1.50 to N1.36, shedding 14kobo or 9.33percent.
“Coming into the new week and barring any significant negative shock in the market, we expect cherry-picking and bargain hunting by investors to drive the market to a positive close. All in, we expect the equities market to close positive this week”, said Meristem Research analysts.
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The Nigerian Exchange Limited (NGX) All Share Index (ASI) and market capitalisation increase to 38,678.48 points and N20.089 trillion respectively from day open lows of 38,648.91 points and N20.143trillion. The market’s negative return seen year-to-date (YtD) decreased slightly to -3.95percent.
Meanwhile, Afrinvest analysts who also expect to see some bargain hunting in early trades “as investors seek to take position in bellwethers that have fallen to attractive entry prices”, also believe the negative performance will be sustained in the absence of a positive catalyst.
Access Bank, AXA Mansard, Zenith Bank, Mutual Benefit and Chams were top traded stocks on the NGX Limited.
“We expect the bullish sentiments from the prior week to be sustained into the new week even as a single stock (AIRTELAF) masked positive sentiments from last week. Technically, the ASI has further room to tread higher before another profit taking-triggered retracement”, United Capital Research analysts had said in an earlier note to investors.
