• Thursday, July 25, 2024
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Nigeria’s stock investors gain N21bn amid positive start to new week

MTNN, other stocks drive market’s negative start to new week

Nigeria’s equities market opened this new week on a positive note, rising by 0.10percent at the close of trading session on Monday, December 20. Stock investors gained about N21billion at the close of trading session which ushers in the Yuletide.

Despite positive start to new week, Lagos-based research analysts at United Capital Plc expect this week to see some profit-taking activities from the local bourse “as investors take profits of the table in the absence of major catalysts.”

Vetiva Capital Management had ahead of market close said they expect “market to trade mixed to start the week, amid minimal activity levels”,

Read also: Nigeria’s Equities Market Garners N253bn in Week Ended Dec. 17

Equities investors raised bets on companies like Neimeth which increased by 9.82 percent, UPDC (9.43percent), Royal Exchange (8.70percent), Mutual Benefit (7.69percent) and Regency Alliance (7.32percent), while C&I Leasing led the laggards after its share price declined from N4.60 to N4.20, down by 40kobo or 8.70percent.

The stock market’s positive return year-to-date (YtD) increased slightly to 5.27percent.

FBN Holdings, GTCO, Sovereign Trust Insurance and AIICO were most traded stocks. In 3,749 deals, investors exchanged 142,171,655 units valued N2.485billion.

The Nigerian Exchange Limited (NGX) –All Share Index (ASI) and Market Capitalisation which opened for Monday’s trading at 42,353.31 points and N22.107trillion respectively, increased to 42,394.71 points and N22.128trillion.