As earlier predicted by investment analysts at Bancorp Securities Limited today, the Nigerian equities market opened the week strongly on Monday as the All Share Index (ASI) gained 34 basis points to close at 106,116.18 points, primarily due to strong buying interest in stocks such as GTCO 6.35%, NB 3.85%, UBA 0.59% amongst others.
With its closing at 106,116.18 points, the ASI rose above its 7-day and 20-day moving averages of 105,150.29 and 105,019.46, respectively, and approached the 50-day moving average of 106,167.87 points.
As a result of the improved ASI, investors gained N228.48 billion and the market capitalization peaking at N66.69 trillion at the end of the trading session.
Available data from the Nigerian Exchange Group (NGX) on the local bourse’s trading trend woed that sectorally, three sectors recorded positive performance. The Consumer Good index continued its upward trend leading the gainers with a 2.38% gain, driven by impressive performance in stocks such as INTBREW 10.00%, CADBURY 9.96%, CHAMPION 7.25%, and DANGSUGAR 1.17%.
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The Banking Index followed with a 1.31% gain on the back of gains in GTCO 6.35%, WEMABANK 5.26% and UBA 0.59% and the Industrial Index rose by 0.31% as gains in WAPCO 2.10% bouyed the index.
However, the data indicated that despite gains in ETERNAL 9.90%, JAPAULGOLD 0.95% and OANDO 3.70% the Oil and Gas Index declined by 2.87% as decline in ARADEL (-9.86%) weighed down the index just as the Insurance Index declined by 0.76%.
On the traded volume chart, ACCESSCORP led the charts, accounting for 12.16% of total volume traded despite declining by 0.42% to close at NGN 23.70 while on the value chart, GTCO led, accounting for 18.01% of the total value traded, rising by 6.35% uptick to close at N67 per share
