The bulls came back strong yesterday to open the stock market on a positive note after depreciating last week.
Last week, the bull run was halted following sustained profit taking.
However, yesterday, the market appreciated lifting the Nigerian Stock Exchange (NSE) All-Share Index (ASI) by 1.73 per cent to close at 34,843.44. In similarly trend, market capitalisation added N309.8 billion to close at N18.2 trillion.
Market analysts had said while profit taking was expected to continue, the bulls would still have the upper hand.
“Yields in the fixed income market remain relatively unattractive, and we expect this to remain positive for stocks. However, we advise investors to take positions in only fundamentally justified stocks as the weak macro environment remains a significant headwind for corporate earnings,” analysts at Condros Research had said.
At the close of trading yesterday, the bulls visited 26 stocks compared with 14 bears that appeared in the market. Bellwethers such as Airtel Africa Plc, Dangote Cement Plc and Lafarge Africa Plc were among the price gainers.
Airtel Africa Plc led the price gainers’ table with 10 per cent, trailed by Royal Exchange Plc with 9.5 per cent. AIICO Insurance Plc chalked up 9.5 per cent just as FTN Cocoa Processors Plc and Neimeth International Pharmaceuticals Plc garnered 9.0 per cent, just as Mutual Benefits Assurance Plc and Coronation Insurance Plc gained 8.3 per cent and 7.6 per cent respectively. BOC Gases Plc and GlaxoSmithkline Consumer Nigeria Plc appreciated by 6.3 per cent and 6.1 per cent in that order.
Conversely, Prestige Assurance Plc led the price losers with 10 per cent, trailed by International Breweries Plc with 9.8 per cent. Cutix Plc and NASCON Allied Industries Plc shed 9.4 per cent and 9.3 per cent respectively. Jaiz Bank Plc, Ardova Plc and Union Bank of Nigeria Plc went down by 8.8 per cent, 6.5 per cent and 5.5 per cent respectively.
In terms of sectoral performance, the NSE Industrial Goods Index led the gainers with 1.5 per cent, trailed by the Insurance Index with a gain of 1.3 per cent. On the flip side, the NSE Consumer Goods Index fell by 0.9 per cent. The NSE Banking Index and NSE Oil & Gas Index lost 0.3 per cent apiece.
Meanwhile, activity level weakened as volume and value traded fell 73.9 per cent and 17.1 per cent to 208.1 million shares and N3.7 billion respectively.