Stock market opens week on a positive note

Investors interest in SFS Real Estate Investment Trust, Ecobank Transnational, SCOA, Infinity Trust Mortgage Bank and other counters helped Nigeria’s equities market to open this week in green.

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At the close of trading on Monday December 11, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation increased by 0.18 percent from 71,541.74 points and N39.149 trillion respectively to 71,669.91 points to N39.218 trillion.

Equities market value rose by N69billion. The stock market has risen this year by 39.84 percent as buy-side deals increase.

SFS REIT increased most, from N92.15 to N101.35, adding N9.20 or 9.98percent. ETI went up from N20.75 to N22.80, up by N2.05 or 9.88percent.

SCOA increased from N1.35 to N1.48, up by 13kobo or 9.63percent, while Infinity Trust Mortgage Bank share price went up from N1.77 to N1.94, adding 17kobo or 9.60percent.

“We anticipate mixed investor sentiment in the local equities market this week. While investors remain positively disposed towards fundamentally sound stocks, particularly banking shares, overall market sentiment is likely to remain cautious due to anticipated profit-taking activities following the previous week’s rally,” according to United Capital research analysts.

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Investors in 7,011 deals exchanged 375,321,202 shares valued at N3.853billion. Veritas, Universal Insurance, Access Corporation, Fidelity Bank and UBA were mostly traded stocks.