Nigerian stocks’ rise on Monday could hardly pass as gain as the benchmark index managed to add 0.1 per cent amid a drop in the volume of trade by 30 per cent.
The little appreciation would not have been possible but for a relatively big demand for the shares of two big banks, FBN Holdings and GTCO, as well as those of Dangote Cement.“We expect to see some profit-taking activities from the local bourse as investors take profits off the table in the absence of major catalysts,” analysts at Lagos-based United Capital said of this week in a note seen by PREMIUM TIMES.
Market breadth, used for determining investors’ sentiment to trade, closed on a positive note, given that 21 gainers were recorded in contrast to 11 laggards. The benchmark index garnered 41.40 basis points to close at 42,394.71, while market capitalisation increased to N22.13 trillion.Morison led gainers, growing by 9.82 per cent to close at N1.79. UPDC gained 9.43 per cent to close at N1.16. Royal Exchange rose by 8.70 per cent to N0.75. Mutual Benefits leapt to N0.28, notching up 7.69 per cent in the process. Regal Insurance completed the top 5, climbing up by 7.32 per cent to N0.44.C&I Leasing declined by 8.70 per cent to close at N4.20.
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