By Chris Ndibe
The Nigerian stock market opened new week on an upward trend with key indicators appreciating by 1.46 per cent.
Specifically, the All-Share Index (ASI), which opened at 24,427.73 points, rose by 355.88 points or 1.46 per cent to close at 24,783.61, compared with 24,427.73 on Friday.
Similarly, the market capitalisation increased by N186 billion at N12.928 trillion to close at N12.742 trillion on Friday.
The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are: Dangote Cement, Guaraty Trust Bank, Lafarge Africa, Zenith Bank and United Bank for Africa.
Analysts at the United Capital Plc said that half-year results would determine performance of the local market.
Also, analysts at Imperial Asset Managers Limited said: “We expect the current volatility (up and down movement) to continue this week.
“However, buying interests are expected to continue in the tier-one banks and resurface in some blue-chip companies that usually pay interim dividend for half-year,” they said.
The analysts urged investors with long-term investment goal to continue to build their portfolios in fundamentally viable stocks.
A breakdown of the price movement chart shows Unity Bank led the gainers’ chart in percentage terms, rising by 9.62 per cent to close at 57k per share.
Lafarge Africa followed with 9.59 per cent to close at N12, while Guaranty Trust Bank rose by 7.62 per cent to close N23.30 per share.
Neimeth grew by 7.14 per cent to close at N1.50, while Dangote Cement appreciated by 5.66 per cent to close at N141.80 per share.
Conversely, AXA Mansard Insurance and UAC Property led the losers’ chart in percentage terms, dropping by 10 per cent each to close at N1.44 and 81k per share, respectively.
Seplat followed with a decline of 9.99 per cent to close at N312.70 per share.
Berger Paints lost 9.84 per cent to close at N5.50, while CAP shed 9.76 per cent to close at N17.10 per share.
Transactions in the shares of Flour Mills topped the activity chart with 30.47 million shares valued at N518.06 million.
Lafarge Africa followed with 28.07 million shares worth N335.84 million, while FBN Holdings traded 9.95 million shares valued at N49.77 million.
Guaranty Trust Bank traded 8.98 million shares valued at N201.60 million, while UBA transacted 8.27 million shares worth N50.41 million.
In all, the total volume of shares decreased by 2.41 per cent with an exchange of 169.99 million shares valued at N2.39 billion traded in 4,336 deals.
This was in contrast with 174.19 million shares worth N2.38 billion transacted in 3,723 deals on Friday.