By Dipo Olowookere
The release of Q3 results by companies quoted on the Nigerian Stock Exchange (NSE) has continued to propel investors to add more shares to their portfolios.
This was reflected in the extension of the bullish sentiment at the market on Monday after the gains recorded last Friday.
Also, the market capitalisation, which had been in the N11 trillion region for a long time, finally crossed the N12 trillion market at the close of business yesterday, closing at N12.034 trillion after increasing by N44 billion.
Business Post reports that when market activities were brought to an end on Monday, the stock market was up by 0.37 percent, with the year-to-date loss reducing to 13.81 percent.
This was as the All-Share Index (ASI) appreciated by 121.13 absolute points to settle at 32,962.82 absolute points.
It was observed that the volume transactions recorded yesterday increased by 21.29 percent, while the value of trades grew by 239.85 percent.
A total of 257.9 million shares worth N5 billion was transacted by investors on Monday compared with the 212.7 million equities valued at N1.5 billion traded last Friday.
The huge rise in the value of shares exchanged yesterday at the market was largely due to volume of shares GTBank traded.
GTBank, which topped the activity chart, exchanged 74.2 million units of its shares worth N2.7 billion on Monday.
It was followed by Diamond Bank, which traded 43 million shares worth N51.6 million, and UAC of Nigeria, which exchanged 16.7 million equities valued at N169.7 million.
FCMB sold 15.5 million units of its shares for N24.1 million, while Sterling Bank exchanged 13.7 million shares worth N20 million.
At the close of transactions, the Financial Services sector led the activity chart with 204.6 million equities exchanged for N3.3 billion, while the Conglomerates industry followed with 20.9 million shares transacted for N175 million.
On the price movement chart, Seplat emerged as the highest price gainer, appreciating by N29.90k to settle at N644.90k per share.
It was followed by Unilever Nigeria, which improved by N3.60k to close at N47.50k per share, and Zenith Bank, which rose by N1.10k to finish at N24 per share.
Stanbic IBTC added N1 to its share value to end at N46 per share, while Custodian Investment went up by 40 kobo to close at N5.50k per share.
On the flip side, investors continued with the selloff of Lafarge Africa shares as a result of the poor Q3 results released by the cement maker last week. The company’s shares depleted by N2.10k on Monday to settle at N18.90k per share.
This was trailed by Nigerian Breweries, which decreased by 60 kobo to close at N87.90k per share, and Cadbury Nigeria, which went down by 60 kobo to end at N9.20k per share.
Dangote Flour reduced by 50 kobo yesterday to settle at N7.50k per share, while Access Bank reduced by 30 kobo to finish at N8 per share.
With more firms expected to release their financial scorecards, observers would hope that the current upward movement is sustained throughout this week.
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