Nigerian stocks rose for second straight trading session on Monday, advancing by 0.15 per cent, with mobile operator MTNN and construction giantBut the pace of gain was somewhat arrested by profit-taking in some stocks like Oando, Dangote Sugar, Presco and WAPCO.
The financials of the Big 5 banks are due in the days ahead, which could determine the trajectory of the whole market in the short term. “That said, we expect to see a tight trading week as investors continue to take profits of the table while others consider decent entry prices into large cap banking stocks yet to publish their H2-2021 scorecards.”
The all-share index added 57.64 basis points to 38,604.72, while market capitalisation closed lower at N20.114 trillion.Julius Berger led gainers, appreciating by 8.89 per cent to close at N24.50. NPF Microfinance Bank rose to N1.89, notching up 8 per cent in the process.