Stock market rises by 0.18% as week opens

Nigeria’s equities market opened this week on a positive note, rising by 0.18 percent on Monday.

Investors are advised to trade cautiously in the stock market this week after the market’s first negative weekly close amid rising rates in short-term fixed income instruments.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation increased from preceding day’s 101,858.37 points and N55.735 trillion respectively to 102,042.32 points and N55.836 trillion.

The market’s year-to-date (YtD) return increased to 36.47percent as the market gained about N101billion at the close of trading.

“In this week, we anticipate a cautious approach in the trading session. We advise investors to invest in high-quality stocks with strong fundamentals backing them,” said Futureview Research analysts said on Monday.

Access Holdings, Veritas Kapital Assurance, GTCO, FBN Holdings and Transcorp were actively traded stocks as investors in 8,715 deals exchanged 242,432,630 shares worth N5.125billion.

NCR led other stocks that rallied on Monday, after its share price moved from N4 to N4.40, adding 40kobo or 10percent.

Chams also increased from N2.50 to N2.75, up by 25kobo or 10percent. Royal Exchange increased from 70kobo to 77kobo, adding 7kobo or 10percent. Sunu Assurances share price went up from N1.79 to N1.96, up by 17kobo or 9.50percent, while The Initiates moved up from N2.12 to N2.32, up by 20kobo or 9.43percent.