By Chinwendu Obienyi, Lagos
Despite the bearish sentiment that hovered around the Nigerian stock market last week, transactions rebounded as the shares of Airtel, Guinness and Dangote Cement lifted the market’s index up by 1.73 per cent on Monday.
The equities market had closed last week with a 2.5 per cent loss with market watchers stating that
investors will partake in profit-taking activities even as trading resumes.
However, price appreciation in 26 stocks changed the mood of the market as the All Share Index (ASI) closed at 1.73 per cent to settle at 34,843.44 points.
In the same vein, the market capitalisation increased by N31 billion to close at N18.211 trillion as against N17.9 trillion recorded on Friday.
Further analysis of the market showed that the volume of stocks traded stood at 208.09 million units while the value of stocks traded stood at N3.70 billion which changed hands in 4,154 deals.
At the close of transactions yesterday, 26 stocks appreciated while 14 others depreciated in value. Airtel Africa led the gainers’ chart with 10 per cent to close at N704 per share, Royal Exchange followed with 9.52 per cent to close at 0.23 per cent, AIICO added 9.52 per cent to close at N1.15, FTN Cocoa gained 9.09 per cent to close at 0.48 kobo.
On the flipside, Prestige topped the losers’ chart with 10 per cent to close at 0.45 kobo per share. International Breweries was next with 9.89 per cent to close at N6.47, Cutix lost 9.47 per cent to close at N1.72, NASCON fell by 9.38 per cent to close at N14.50 while Jaiz Bank declined by 8.82 per cent to close at 0.62 kobo.