The Nigerian equities market rebounded to open the week on Monday with a gain of 0.11 per cent, amid gains by some blue chips.
The News Agency of Nigeria reports that the All Share Index grew by 31.77 points or 0.11 per cent to 27,950.36, compared with 27,918.59 achieved on Friday.
Similarly, investors networth rose by N15 billion as the market capitalisation inched N15 billion to close at N13.621 trillion in contrast with N13.606 trillion posted on Friday.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are: Nestle Nigeria, Dangote Flour Mills, CI Leasing, Vitafoam Nigeria and Guaranty Trust Bank.
Analysts at APT Securities and Funds Limited said: “We are of the opinion that the market is set for a rebound.
“We, therefore, advise investors to accumulate fundamentally justified stocks at this time.”
United Capital Plc said that “looking ahead, we expect performance to continue to be driven by the release of more financial results, as investors cherry-pick on dividend-paying names”.
Market breadth closed positive, 20 stocks posted gains, while 14 stocks posted declines.
C & l Leasing recorded the highest price gain of 10 per cent, to close at N5.50, per share.
Vitafoam Nigeria followed with a gain 9.95 per cent to close at N3.72, while Japaul Oil & Maritime Services appreciated by 9.52 per cent to close at 23k per share.
Dangote Flour Mills garnered 9.19 per cent to close at N19.60, while McNichols appreciated by 8.89 per cent to close at 49k per share.
On the other hand, Total Nigeria led the losers’ chart with a loss of 9.96 per cent to close at N114.80 per share.
Chams followed with a decline of 7.14 per cent to close at 26k, while Ecobank Transnational dropped 5.33 per cent to close at N8 per share.
UACN Property Development lost 5.04 per cent to close at N1.13, while Mutual Benefits Assurance shed 4.76 per cent to close at 20k per share.
However, the total volume traded declined by 28.84 per cent to 93.11 million shares, worth N1.11 billion, and traded in 3,056 deals.
This was in contrast with a turnover of 130.85 million shares valued at N2.64 billion achieved in 3,056 deals on Friday.
Transactions in the shares of Zenith Bank topped the activity chart with a total of 11.26 million shares valued at N208.25 million.
Transcorp came second with 9.99 million shares worth N9.87 million, while Lasaco Assurance traded 7.97 million shares valued at N2.92 million.
Guaranty Trust Bank sold 6.89 million shares worth N196.60 million, while Access Bank transacted 6.33 million shares valued at N40.69 million.