NSE opens week with 0.08% growth on Zenith Bank rally

Analysts anticipate bargain hunting activities will dominate trading this week.

Market sentiment was positive with 28 gainers in contrast with 24 losers [Reuters/Akintunde Akinleye]

Trading on the nation's bourse resumed on Monday on a positive note, following investors' interest in shares of Zenith Bank, International Breweries (IB) and Flourmill.

Specifically, the All-Share Index rose by 30.56 points or 0.08 per cent to close at 40,150.78 from 40,120.22 on Friday.

Similarly, the market capitalisation improved by N16 billion or 0.08 per cent to close at N20.994 trillion compared with N20.978 trillion on Friday.

The uptrend was also driven by price appreciation in medium and large capitalised stocks amongst which are Ardova, Presco, Flour Mills, Berger Paints and Okomu Oil.

Analysts at Afrinvest Ltd. had anticipated bargain hunting activities would dominate trading this week.

Also, GTI Securities Ltd. said, "We expect to see moderate investors' reaction this week amid the low investment return in the fixed income segment of the capital market."

Consequently, market sentiment was positive with 28 gainers in contrast with 24 losers.

Ardova and May and Baker led the gainers' chart in percentage terms, gaining 9.79 per cent each to close at N17.95 and N3.59 per share, respectively.

Berger Paints followed with 9.52 per cent to close at N8.05 per share.

Japaul Gold and Ventures rose by 9.28 per cent to close at N1.06, while Royal Exchange appreciated by 8.70 per cent to close at 25k.

Conversely, Cutix dominated the losers' chart in percentage terms, losing 10 per cent to close at N2.16 per share.

BOC Gases trailed with 9.96 per cent to close at N11.39, while Caverton Offshore Support Group shed 7.07 per cent to close at N1.84 per share.

Linkage Assurance shed 4.69 per cent to close at 61k, while Deap Capital Management & Trust depreciated by 4.55 per cent to close at 21k per share.

The total volume of shares traded increased marginally by 0.72 per cent as investors bought and sold 335.69 million shares valued at N2.49 billion in 5,338 deals.

This was in contrast with 333.31 million shares worth N3.65 billion traded in 5,142 deals on Friday.

Transactions in the shares of Mutual Benefits Assurance topped the activity chart with 104.16 million shares valued at N31.04 million.

AXA Mansard Insurance followed with 26.34 million shares worth N30.44 million, while Lafarge Africa traded 14.38 million shares valued at N320.54 million.

Fidelity Bank sold 13.38 million shares worth N36.06 million, while Zenith Bank transacted 13.36 million shares worth N344.69 million.

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