Nigeria’s stock market opened this week on a positive note, driven by gains in equities like Total Nigeria, MTNN, BUA Cement, Cadbury and Nascon.
The Nigerian Stock Exchange (NSE) All Share Index (ASI) was gained 0.31percent on Monday January 20, after rising from a preceding high of 29,618.52points to 29,710.56 points.
In 5,052 deals, investors exchanged 266,947,980 units valued at N4.184billion. The value of NSE listed equities increased by N47billion from day open low of N15.256 trillion to N15.303trillion.
The month-to-date (MtD) positive return stood at +10.69percent. Total Nigeria stock price increased from N107 to N117, adding N10 or 9.35percent. MTNN was also upbeat from N126.6 to N128.3, adding N1.7 or 1.34percent.
BUA Cement advanced from N36 to N37, adding N1 or 2.78percent; Cadbury Nigeria rose from N10 to N10.85, adding 85kobo or 8.50percent. Nascon also rose from N15 to N15.7, adding 70kobo or 4.67percent.
Market watchers expect investors to take profit in names that have rallied in recent trading sessions, with a possibility of bargain hunting in other value counters.
On the losers table, Nestle Nigeria stock price dipped most from N1469.9 to N1380, adding N89.9 or 6.12percent. Unilever Nigeria Plc followed after its share price decreased from N18.5 to N18 , losing 50kobo or 2.70percent.
NCR also made the top decliners league after its share price dropped from N4.05 to N3.65, losing 40kobo or 9.88percent, and Oando Plc which stood lower from N3.7 to N3.52, after losing 18kobo or 4.86percent.
Iheanyi Nwachukwu
