Nigerian equities market rebounded to open the week with a gain of 0.11 per cent. The All Share Index (ASI) rose by 31.77 points or 0.11 per cent to 27,950.36 points.
Accordingly, investors gained N16 billion in value as market capitalisation went up to N13.622 trillion. The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are: Nestle Nigeria, Dangote Flour Mills, CI Leasing, Vitafoam Nigeria and Guaranty Trust Bank.
Analysts at APT Securities and Funds Limited said that “We are of the opinion that the market is set for a rebound. We therefore advise investors to accumulate fundamentally justified stocks at this time.”
United Capital Plc said that “Looking ahead, we expect performance to continue to be driven by the release of more financial results, as investors’ cherry-pick on dividend-paying names.”
Market breadth closed positive, 20 stocks posted gains while 14 stocks posted declines. Cl Leasing recorded the highest price gain of 10 per cent, to close at N5.50, per share. Vitafoam Nigeria followed with a gain 9.95 per cent to close at N3.72, while Japaul Oil & Maritime Services appreciated by 9.52 per cent to close at 23 kobo, per share.
Dangote Flour Mills went up by 9.19 per cent to close at N19.60, while McNichols appreciated by 8.89 per cent to close at 49 kobo, per share. On the other hand, Total Nigeria led the losers’ chart by 9.96 per cent, to close at N114.80, per share. Chams followed with a decline of 7.14 per cent to close at 26 kobo, while Ecobank Transnational Inc (ETI) went down by 5.33 to close at N8.00, per share.
UACN Property Development Co lost 5.04 per cent to close at N1.13, while Mutual Benefits Assurance shed 4.76 per cent to close at 20 kobo, per share.