Nigeria: NSE Market Capitalisation Opens Week With N37bn Growth

The Nigerian Stock Exchange (NSE) resumed trading for the week on Monday on a positive trend, with the market capitalisation rising by N37 billion.

Specifically, the market capitalisation which opened at N12.440 trillion rose by N37 billion to close at N12.477 trillion, indicating by 0.30 per cent.

Also, the All-Share Index grew by 70.42 points or 0.30 per cent to close at 23,941.75 against 23,871.33 achieved on Friday.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Okomu Oil, MTN Nigeria, Unilever Nigeria, Lafarge Africa and GlaxoSmithKline.

Analysts at Imperial Asset Managers Ltd stated that “This week, we expect market sentiment to be mild considering that risks remain broad following the increasing new cases of COVID-19 in Nigeria.

“As such, investors are advised to trade cautiously, and seek buying opportunities in fundamentally justified stocks,” they said.

Market breadth closed positive with 25 gainers and 13 losers.

Okomu Oil recorded the highest price gain to lead the gainers’ table in percentage with 9.99 per cent, to close at N60.55 per share.

Neimeth followed with a gain 9.72 per cent to close at 79k, while BOC Gases appreciated by 9.59 per cent to close at N4 per share.

Fidson appreciated by 9.12 per cent to close at N3.11, while Unity Bank appreciated by 8.89 per cent to close at 49k per share.

Conversely, Lasaco Assurance led the losers’ chart by 7.41 per cent to close at 25k, while Cornerstone Insurance and Jaiz bank followed with a loss of 6.78 per cent each to close at 56k per share, respectively.