The Nigerian stock market commenced trading for the week with a marginal gain caused by appreciation in highly-capitalised stocks with the All-Share Index (ASI) rising by 0.08 per cent.
At the close of transactions, the ASI gained 30.56 absolute points, representing a growth of 0.08 per cent to close at 40,150.78 points.
Similarly, the overall market capitalisation value rose by N16 billion to close at N20.994 trillion.
The positive performance was also driven by price appreciation in medium and large capitalised stocks such as Ardova Plc, Presco, Flour Mills of Nigeria, Berger Paints Nigeria and Okomu Oil.
Analysts at Afrinvest Limited expressed optimism that bargain hunting activities would dominate trading this week.
Also, GTI Securities Limited said: “We expect to see moderate investors’ reaction this week amid low investment return in the fixed income segment of the capital market.”
Market sentiment, as measured by market breadth, was positive as 28 stocks gained, relative to 24 losers.
Ardova Plc and May and Baker Nigeria recorded the highest price gain of 9.79 per cent each, to close at N17.95 and N3.59 kobo, while Berger Paints followed with a gain 9.52 per cent to close at N8.05 kobo.
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 25 kobo.
On the other hand, Cutix led the losers’ chart by 10 per cent, to close at N2.16 kobo. BOC Gases followed with a decline of 9.96 per cent, to close at N11.39 kobo while Caverton Offshore Support Group shed 7.07 per cent to close at N1.84 kobo.
Linkage Assurance shed 4.69 per cent to close at 61 kobo while Deap Capital Management & Trust depreciated by 4.55 per cent to close at 21 kobo.
The total volume of trades increased marginally by 0.72 per cent to 335.7 million units valued at N2.49 billion, exchanged hands in 5,338 deals.
Transactions in the shares of Mutual Benefits Assurance topped the activity chart with 104.163 million shares valued at N31.037 million.
AXA Mansard Insurance followed with 26.342 million shares worth N30.436 million, while Lafarge Africa traded 14.383 million shares valued at N320.537 million.
Fidelity Bank traded 13.381 million shares valued at N36.059 million, while Zenith Bank transacted 13.360 million shares worth N344.699 million.