Although the margin of positive trading was slim, it was nonetheless a positive day for the market as the All Share Index closed higher at 72,404.91 compared to 72,389.23 basis points on Friday.
The market capitalisation also rose by 0.02 per cent to close at 39,621, a N9bn gain for investors driven by the stocks of United Bank for Africa, AccessCorp, Zenith Bank Plc, GTCO, and MTN Nigeria.
Market Breadth which is the measure of investors’ sentiment was negative resulting in 18 gainers and 33 losers.
For the second week, the shares of Infinity Trust Mortgage Bank maintained their stay on the gainers’ chart, leading on Monday with a 9.93 per cent gain to close at N3.10. John Holt followed with a share price appreciation of 9.87 per cent to close at N2.45, Transcorp Hotel gained 9.38 per cent to close at N51.30, SCOA gained 8.62 per cent to close at N1.89 and FTN Cocoa gained 7.53 per cent to close at N1.57 per unit.
The losers’ chart was led by ABC Transport, ETranzact, RT Briscoe, Sovereign Insurance Plc and The Initiates Plc with 9.89 per cent, 9.42 per cent, 8.33 per cent, 7.69 per cent, and 6.84 per cent losses respectively to close at N0.82, N6.25, N0.55, N0.36 and N1.09 per unit.
The Volume and Value drivers of the day’s market trend were led by stocks of Mutual Benefits Assurance Plc, UBA, Zenith Bank, Transcorp, MTN Nigeria, and Sterling Financial Holdings Company Plc
Transaction volume increased to 324.25 million from 307.15 million trades valued at N4.39 billion from 6,745 deals executed. The number of stocks that investors engaged with during the trading session stood at 121.
Meanwhile, analysts at Cowry Asset Management Limited anticipate a continuation of positive sentiment and profit-taking, driven by bargain-hunting for dividend-paying stocks.
“Market players are expected to digest the recently published Consumer Price Inflation report and its potential impact on the financial market, amidst sector rotation and portfolio rebalancing spurred by the high expectation for full-year corporate numbers and high yields,” they said in their weekly market report.
