After about nine consecutive days of losses on the Nigerian Stock Exchange, activities witnessed a reversal on Monday as transactions closed positive.

The market capitalisation of the listed equities rose by N96bn or 1.4 per cent from N6.666tn last Friday to N6.762tn.

Similarly, the NSE’s All-Share Index increased by 280.39 basis points or 1.3 per cent to close at 21,183.34, up from 20,902.95 points recorded last week.

The NSE-30 Index rose by 1.3 per cent or 12.85 points, from 952.39 points to close at 926.40 points.

This, according to analysts, was as a result of increased activities and high demand for stocks in some key sectors.

According to them, the positive transactions witnessed in the share prices of some companies such as Dangote Cement Plc contributed significantly to the lifting of the key market indicators.

Among the other indices in the market, the NSE food/Beverages Index recorded the highest appreciation, rising by 26 basis points or 1.5 per cent from 1,699.20 points to 1,725.20 points.

The banking index also rose by 0.1 per cent or 0.44 basis points to close at 301.37 points, while the insurance index dropped by 0.9 per cent or 1.11 basis points to close at 120.69 points.

The banking sub-sector maintained its lead on the activity chart, with investors exchanging 95.908 million shares, worth N655m in 1,890 transactions. Activities in the banking sub-sector accounted for 59 per cent of total turnover.

Volume in the sub-sector was driven by trading in the shares of First Bank of Nigeria Plc, First City Monument Bank Plc and Access Bank Plc.

A total of 20 stocks recorded price appreciation compared to 18 stocks which lost.

Transnational Incorporated Plc recorded the highest price appreciation, rising by five per cent or six kobo to close at N1.27 per share.

Presco Plc gained 4.9 per cent or 73 kobo to close at N15.48 per share.

Ikeja Hotel Plc and May and Baker Nigeria Plc rose by 4.5 per cent to close at N1.15 and N1.86 per share respectively.

On the other hand, Custodian and Allied Insurance Plc lost the highest, shedding 4.9 per cent or eight kobo to close at N1.53 per share.

Source: Punch/Udeme Ekwere