BusinessDay
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Nigeria stock market opens week on a positive note

Nigeria equities rose by 0.05 percent on Monday September 14 as investors raised stake in value stocks like Dangote Cement Plc, Lafarge Africa, GTBank and Chemical and Allied Products Plc.

The performance of the market this week is expected to be largely dependent on events around indicators like global crude oil price movements, news around the Covid-19 pandemic and liquidity in the FX market.

Oil prices slipped slightly on Monday amid concerns about a stalled global economic recovery and worries over renewed Libyan supply, but were supported by an impending storm which has disrupted U.S. oil production.

Brent crude was down 11 cents, or 0.2percent, at $39.72 a barrel while U.S. West Texas Intermediate (WTI) crude futures were down 12 cents, or 0.3percent, at $37.21 a barrel by 1105 GMT. Both contracts ended last week lower, falling for a second week in a row.

The Nigerian Stock Exchange (NSE) All-Share Index (ASI) increased slightly by 0.05 percent to 25,605.59 points from preceding day’s lows of 25,591.95 points. The valued of listed stocks on the Bourse increased by N8billion to N13.358trillion as against N13.350trillion the preceding trading day. The market’s negative return year-to-date (ytd) decreased to -4.61percent.

Stocks that led the gains include CAP which moved up from N15.75 to N16.8, adding N1.05 or 6.67percent; followed by Dangote Cement which advanced from N134 to N135, adding N1 or 0.75percent. Lafarge Africa moved up from N12.8 to N13.05, adding 25kobo or 1.95percent.

GTBank rose from N25 to N25.1, up 10kobo or 0.40percent while Neimeth rallied from N1.78 to N1.95, up 17kobo or 9.55percent. In 3,567 deals, investors exchanged 257,027,926 units valued at N3.320billion.

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