The stock market opened the week on a positive note with equities sustaining a rally, which started on Monday last week.
The gains helped to lift the market capitalisation of the listed equities by N137bn or 1.39 per cent to N9.941tn as against the 0.35 per cent gain it recorded on Friday to close at N9.804tn.
In the same vein the Nigerian Stock Exchange All-Share Index rose by 1.39 per cent or 409.20 basis points to close at 29,793.13, up from Friday’s close of 29,383.93 basis points.
Some analysts had anticipated that following last week’s gains the NSE ASI might open the week lower.
For instance, analysts at Vetiva Capital Management Limited said in their market commentary for the week that, “While the continued stability in oil price and some clarity on currency front present a case for further market recovery, we think the ASI might open the week slightly lower as investors take profit following last week’s five days of gains.”
However, operators told our correspondent that Monday’s gains were due in part to the anticipation of full-year 2014 results for quoted company.
According to them, investors were taking positions ahead of the release of the results.
A total of 26 stocks recorded price appreciation on Monday, while 15 stocks recorded price depreciation after investors traded 306.630 million shares worth N3.011bn in 4,139 deals.
Major gainers for the day, according to the NSE, are Nigerian Breweries Plc, which rose by N4.3 to close at N139 per share, and Forte Oil Plc with a N2.6 share price appreciation to close at N223 per share.
Flour Mills of Nigeria Plc was up by N2.52 to close at N34 per share, while UAC of Nigeria Plc and Guinness Nigeria Plc rose by N1.7 and N1.62 to close at N35.7 and N124.9 per share, respectively.
On the flipside, Beta Glass Plc was down by N1.42 to close at N27.08 per share.
Portland Paints and Products Plc fell by 20 kobo to close at N3.83 per share, while Red Star Express Plc was down by 19 kobo to close at N3.71 per share.
Also down were International Breweries Plc and National Aviation Handling Company Plc, which shed 14 kobo and 10 kobo to close at N17.86 per share and N4.6 per share, respectively
Source : Punchng