Equity market opens bullish, gains N566bn

Transactions on the floor of Nigerian Exchange (NGX) opened the week  on a positive note, appreciating by N566 billion.

Market capitalisation of listed equities increased by 0.36 per cent  to N156.560 trillion from N155.994 trillion recorded the previous day.

The NGX All Share Index also appreciated by 881.16 basis points to 243158.97 points from 242277.81 points reported on Friday.

The rally in the market was driven by gains in Dangote sugar, GTCO Plc, Nascon, Cap Plc and 40 other companies.

The market breath was positive with 44 advancers against 34 decliners bringing year to date return to 56.26 per cent.

Volume of trades declined by 464.00 million, representing 24.79 per cent as investors traded 1.407 billion shares against 1.871 billion recorded the previous day. Value of trades went down by 44.47 per cent to settle at N57.980 billion in 133071 deals.

An analysis of the investment showed that  Conhall, FTNCocoa and Nascon led gainers table with 10 percent each to close at N5.72 , N6.05 and N196.13 per unit respectively.

Cap Plc followed with a gain of 9.99 per cent to close at N159.70 per share, AIICO insurance up by 9.98 per cent to close at N4.74 per share.

On the contrary, Nahco topped losers chart, dropping by 10 per cent to close at N232.20 per unit, International General Insurance trailed with a loss of 9.82 per cent to close at N2.48 per unit, UPDC down by 9.18 per cent to close at N4.45 per share, Learn Africa decline by 9.14 per cent to close at N8.45 per unit, NEM insurance fell by 8.02 per cent to close at N28.10 per share.

Further analysis for the day showed that VFG group led market activities with 255.347 million shares valued at N2.722 billion, Access Holdings Company followed with 204.007 million shares cost N5.276 billion, Fidelity Bank exchanged 79.545 million shares cost N1.505 billion AIICO insurance traded 67.107 million share valued at N306.796 million, Zenith Bank traded 67.621 million shares cost N8.419 billion.