Stock Investors Gain N71BN to Commence Week

The Nigerian stock market returned stronger on Monday as investors raked in N71 billion to commence the week driven primarily by rally in some banking stocks.

Renewed interest in that shares of GTCO and Zenith Bank that led to 9.6% and 6.8% upward movements in the share prices respectively fuelled the general positive performance as the benchmark index of the local bourse advanced by 0.13% to close at 99,665.05 basis points.

The cumulative value of stock investments in the market also advanced by N71 billion to close higher at N56.367 trillion from N56.296 trillion. Consequently, the month-to-date and year-to-date returns settled at -4.7% and +33.3% respectively.

The total volume traded increased by 18.9% to 306.62 million units, valued at N5.30 billion, and exchanged in 8,298 deals. GTCO was the most traded stock by volume and value at 50.16 million and N1.77 billion, respectively.

Across the sectors, the Banking (+1.3%) and Insurance (+0.5%) indices advanced while the Consumer Goods, Industrial Goods and Oil & Gas indices closed flat.

As measured by market breadth, market sentiment was negative as 18 tickers lost relative to 15 gainers. PRESTIGE (-9.8%) and OMATEK (-9.5%) topped the losers’ list, while JAPAULGOLD (+9.6%) and GTCO (+9.6%) recorded the highest gains of the day.

GAINERS