The nation’s bourse opened the week on Monday upbeat to close its last trading day in January with a gain of N226 billion driven by high demand for shares of MTN Nigeria Communications (MTNN).
Specifically, the market capitalisation, which opened the week at N24.898 trillion inched higher by N226 billion to close at N25.124 trillion.
The All Share Index rose by 419.62 points or 0.91 per cent to close at 46,624.67 from 46,205.05 achieved on Friday.
Accordingly, the year-to-date returns increased to 9.2 per cent.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are: Presco, MTNN, Nigerian Exchange Group (NGX Group), Guaranty Trust Holding Company (GTCO) and BUA Cement.
On this week’s performance, United Capital analysts said: “We expect the market to maintain its bullish momentum as investors continue to take positions in anticipation of the forthcoming end-of-year releases.”
Overall, the market was positive with 33 stocks gainers relative to 23 gainers.
Consolidated Hallmark Insurance, NCR Nigeria and R.T. Briscoe led the gainers’ chart in percentage terms by 10 per cent each to close at 66k, N3.30 and 22k per share, respectively.
Presco followed with 9.97 per cent to close at N96.55, while NGX Group up by 9.93 per cent to close at N23.25 per share.
On the other hand, University Press led the losers’ chart by 9.43 per cent to close at N2.40 per share.
Lasaco Asssurance followed with 8.85 per cent to close at N1.03, while Linkage Assurance depreciated by 7.84 per cent to close at 47k per share.
Mutual Benefits Assurance declined by 7.14 per cent to close at 26k, while Prestige Assurance depreciated by 6.52 per cent to close at 43k per share.
Also, the total volume of trades increased by 39.03 per cent to 435.799 million units valued at N3.44 billion exchanged in 6,482 deals.
This was in contrast with 313.45 million shares worth N5.03 billion traded in 5,067 deals on Friday.
Transactions in the shares of Fidelity Bank topped the activity chart with 38.04 million shares valued at N106.22 million.
R.T. Briscoe Nigeria followed with 30.04 million shares worth N6.08 million, while Transcorp traded 27.45 million shares valued at N31.44 million.
FBN Holdings traded 26.79 million shares worth N310.52 million, while Linkage Assurance transacted 23.03 million shares worth N11.01 million.