NSE market indices open week with 0.31 per cent growth

The Nigerian Stock Exchange (NSE) opened trading for the week on Monday with a growth of 0.31 per cent.

Specifically, the market capitalisation inched N48 billion or 0.31 per cent to close at N15.304 trillion against N15.256 trillion achieved on Friday.

Also, the All-Share Index, which opened at 29,618.52 increased by 92.04 points or 0.31per cent to close at 29,710.56.

The upturn was largely boosted by capital appreciation recorded in the shares of the following mid and large capitalised stocks: Total Nigeria, MTN Nigeria, BUA Cement, Cadbury Nigeria and NASCON.

On market expectations this week, analysts at United Capital Plc expected interest in Tier-one banks, especially Access Bank which recently got approval for an expansion into Kenya, and key counters such as Dangote Cement, to sustain momentum in the market.

They also stated that demand for the dividend-paying stocks ahead of full-year results would continue to drive investors demand.

Reseachers at Afrinvest Limited also expected gains in the local bourse to persist noting that “there is a possibility for investors to take profit in the near term.”

Market breadth closed positive with 22 stocks gainers and 12 stocks decliners.

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