Bargain hunting by investors in high capitalized stocks changed the theme on the floor of the Nigerian Stock Exchange at the close of transactions on Monday.
The market was heading into the negative territory but price appreciation in the shares of Dangote Cement, WAPCO, Airtel Africa drove the All Share Index (ASI) up by 0.21 per cent to settle at 41,088.96 points while market capitalisation rose by N45 billion to close at N21.494 trillion.
The performance was in sync with analysts who had predicted that bargain hunting would dominate activities in the equities space this week. In a preview of trading for the week, Afrinvest, said,” In the coming week, we anticipate a positive performance as investors seek bargain hunting opportunities”
The volume of stocks traded stood at 333.09 million units while the value of stocks traded stood at N2.64 billion, exchanged in 5,640 deals. Further analysis of the market revealed that investors’ appetite for stocks dropped as 30 equities depreciated in value while 19 others appreciated.
Cileasing topped the losers’ chart with 10 per cent to close at N5.13 per share. Royal Exchange Plc was next with 10 per cent to close at 0.36 kobo, Ardova fell by 9.78 per cent to close at N18.45, Japaul Gold dropped 9.47 per cent to close at 0.86 kobo while Sovereign Insurance lost 9.09 per cent to close at 0.30 kobo.