The Nigerian stock market has continued on its positive trade to open for the week as the market capitalisation which opened at N8.882 trillion, increased by N24 billion to close at N8.906 trillion.
Similarly, the All-Share Index appreciated by 70.84 points or 0.27 per cent to close at 25,890.94 from the 25,820.10 achieved on Friday, further moderating Year-To-Date (YTD) loss to 9.6 per cent.
Market analyst said that the sustained optimism in the bourse was on account of positive sentiments toward banking stocks.
Reviewing sectoral indices showed that the Insurance Index went up 0.9 per cent to top sector performance while the oil & gas and banking indices trailed up by 0.5 per cent each, while Consumer Goods Index ended trading flat. Also, market breadth closed positive with 20 gainers and 12 laggards.
Tiger Brand recorded the highest price gain of 9.88 per cent to close at N1.89 per share. Sterling Bank gained 7.36 per cent to close at N1.75 while International Breweries appreciated by 4.96 per cent to close at N19.05 per share. Mansard Insurance went up by 4.90 per cent to close at N2.14 while Oando appreciated by 4.87 per cent to close at N3.66 per share.
On the other hand, Union Dicon led the losers’ chart by 4.98 per cent to close at N11.25 per share. Vitafoam shed 4.82 per cent to close at N4.15 while Ikeja Hotel declined by 4.76 per cent to close at N2.60 per share. Learn Africa depreciated by 4.65 per cent to close at 82 kobo while Dangote Sugar went down by 3.55 per cent to close at N5.70 per share.
Speaking on the outlook for the market this week, analysts at Afrinvest Limited said, “While we expect more corporate announcements to drive activities this week as more players in the banking and consumer goods space submit their scorecards for full year 2015, we also see some profit taking following last week’s bargain hunting. Against this backdrop, we advise investors to overweigh on stock with consistent dividend paying history.”