Nigerian equities, yesterday opened the week on a positive note, extending gains from the previous session as the All-Share Index closed 0.04 per cent stronger.
The All Share Index (ASI) rose by 17.15 points, representing an increase of 0.04 per cent to close at 48,899.08 points. While the overall market capitalisation value gained N9 billion to close at N26.634 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Zenith Bank, FBN Holdings (FBNH), Learn Africa, Lafarge Africa and Jaiz Bank.
On market performance for this week, United Capital Plc stated that “at current levels, we consider the market steeply overbought in the short term with Relative Strength Index (RSI) 0f 79.4 as well as trading close to its upper Bollinger limit.
“In addition, MACD level & signal lines indicate slowing momentum in the recent bullish run. Lastly, the profit-taking activities in the Banking sector (following the recent rally) indicate investors are shifting towards a profit-taking mood as we approach the end of the year.”
However, market sentiment, as measured by market breadth was slightly negative as 11 stocks declined, relative to 10 gainers. Learn Africa recorded the highest price gain of 9.70 per cent to close at N1.81, per share. Jaiz Bank followed with a gain 9.20 per cent to close at 95 kobo, while SCOA Nigeria rose by 8.86 per cent to close at 86 kobo, per share.
SUNU Assurance went up by 7.14 per cent to close at 30 kobo, while Japaul Gold & Ventures appreciated by 3.70 per cent to close at 28 kobo, per share. On the other hand, Royal Exchange led the losers’ chart by 9.88 per cent to close at 73 kobo, while Neimeth Pharmaceutical followed with a decline of 9.88 per cent to close at 73 kobo, per share.
AXA Mansard Insurance depreciated by 4.52 per cent to close at N1.90, while Courteville Business Solutions and UACN Property Development Company (UPDC) declined by 2.17 per cent each to close at 45 kobo and 90 kobo respectively, per share.
The total volume of trades increased by 134.6 per cent to 236.586 million units, valued at N2.517 billion, and exchanged in 3,334 deals. Transactions in the shares of Access Holdings topped the activity chart with 120.976 million shares valued at N1.028 billion. Jaiz Bank followed with 19.037 million shares worth N17.822 million, while Guaranty Trust Holding Company (GTCO) traded 17.196 million shares valued at N361.311 million.
FBNH traded 12.040 million shares valued at N131.220 million, while FCMB Group transacted 8.597 million shares worth N30.089 million.