Home Markets Equity market gains 0.88% on bulllish take off (29/10/18)

Equity market gains 0.88% on bulllish take off (29/10/18)


Nigeria’s equity market opened on a promising note for investors on Monday, gaining 0.88 percent in value.

Specifically, the bourse gained 288.74 points or N105 billion to see the all share index (ASI) rising to 33,196.07 points while market capitalization grew to N12.119 trillion at the close of the day’s trading.

Although a cross section picked profits from 17 stocks in the day, market players on the floor of the bourse did more of taking position in a number of stocks (numbering 17). As a result, position was taken in 17 stocks in 1,072 deals in which 93.775 million shares valued at N2.383 billion exchanged hands, while profit was taken from another 17 stocks in 555 deals in which 28.219 million equities valued at N0.147 billion exchanged hands.

The market witnessed high volatility which saw the bourse close the day largely mixed as the main market indexes closed with the total deals declining by 33.03 percent to close at 2,624 deals, aggregate volume declining by 46.31 percent to close at 150.505 million equities while aggregate value grew by 46.66 percent from N2.877 billion.

In the course of the day’s trading, market players took position in stocks of quoted companies like Stanbic IBTC, Guaranty Trust bank, Forte Oil, Lasaco Assurance, Wapic Insurance, Zenith bank, Dangote cement among others, which largely have strong fundamentals to see them close the 2017/2018 financial year looking impressive.

Market breadth was fair as 17 stocks led by Chi Plc with 10 percent, Lasaco Assurance with 6.67 percent and Stanbic IBTC with 6.52 percent recorded growths in the day against 17 stocks led by Unite Bank which declined by 10 percent, Diamond Bank which declined by 9.72 percent and Royal Exchange Assurance which declined by 9.09 percent recorded price drops in the day.

The most traded stocks in the day were those of Zenith bank, Guaranty Trust Bank and First city Monument Bank which recorded 28.426 million, 28.284 million and 15.367 million equities traded in the day.

The stocks of Guaranty Trust bank with 254 deals, First Bank of Nigeria Plc with 213 deals and Zenith bank with 204 deals recorded the highest transaction deals.