The Nigerian stock market recorded a rebound as it opened the week (Monday) on a positive note with investors gaining over N178 billion from their investments.
Specifically, the Nigerian Stock Exchange, NSE market capitalisation which represents investors worth on the Exchange closed at N20.259 trillion from N20.081 trillion it closed on Friday.
Similarly, another major stock market gauge, the NSE All Share Index, ASI rose 89 bases points, bps or 1.37 per cent to close at 38,722.87 points from 38,382.39 points.
These upsurge in Index were attributed to the gains across all major sectors, except for Banking by one bases points.
At the end of Monday’s trade, the bulls (26) outnumbered the bears (8) amid renewed positive sentiment.
Hence, the year-to-date loss of the NSE ASI fell to -3.88 per cent . Specifically, investors were bullish on mid and large cap tickers such as STANBIC, UBA, BUACEMENT, ARDOVA and UACN which lifted their respective share prices by 10 per cent , 1.47 per cent , 5.08 per cent , 3.70 per cent and 6.67 per cent respectively.
Breakdown across sectors tracked showed a strong bullish performance with four out of five indices tracked close positive. The NSE Insurance, NSE Consumer Goods, NSE Oil/Gas and the NSE Industrial indices advanced by 0.44 per cent , 0.29 per cent , 0.14 per cent and 2.12 per cent respectively.
On the flip side, the NSE Banking index fell by 0.01 per cent. Meanwhile, trading activity was weak as total deals, volume and value of stocks traded declined by 0.28 per cent, 4.60 per cent and 24 per cent to 4,299 deals, 0.27 billion units and N3.05 billion respectively.
On what will shape the market tomorrow, analysts at Vetiva Research said : “With market sentiment seemingly on the up thanks to some positive earnings and dividend announcements, we expect tomorrow’s (Tuesday) session to be neutral to positive. However, we do not rule out the possibility of some profit-taking activities. Investors will also await feedback from the MPC meeting tomorrow which we believe will shape market direction for the rest of the week.”