The Nigerian equities market recorded a positive performance on the first trading session of the week as the All Share Index gained 0.06 per cent to close at 36,484.30 points, while the year-to-date (YTD) return strengthened to 35.8 per cent.
In the same vein, market capitalisation grew by N7.6 billion to N12.6 trillion. This performance is largely attributable to gains in Zenith Bank (+1.1%), Unite Bank for Africa (+2.5%) and Ecobank Transnational Incorporation (+2.6%). On the contrary, activity level declined as volume and value traded fell 30.3 per cent and 39.4 per cent to 175.0 million units and N1.8 billion respectively.
Sector performance was mixed with the Industrial Goods index emerging the biggest loser, down 1.5 per cent largely due to losses in Lafarge Cement WAPCO (-3.9%). The insurance index followed suit, down 0.09 per cent on the back of losses in Mansard Insurance (-1.9%) and NEM (-3.1%) while the consumer goods index closed flat.
On the flip side, the banking and the oil and gas indices gained marginally, up 0.07 per cent and 0.01 per cent on the back of gains in Zenith Bank (+1.1%), Unite Bank for Africa (+2.5%), Forte Oil (+7.1%) and Total Nigeria (+3.1%).
However, investor sentiment weakened as market breadth dropped to 0.8x (from 1.0x recorded on Friday) as 16 stocks advanced against 21 decliners.
Dangote Flour Mills (+10.2%) Forte Oil (+7.1%) and Honeywell Flour Mills (+5.0) were the best performing stocks while Morison Industries (-4.8%) Livestock Feeds (-4.5%) and Lafarge Cement WAPCO (-3.8%) were the worst performers.
FBN Holdings emerged the most traded equity yesterday with an exchange of 26.513 million shares worth N162.103 million, followed by Diamond Bank having accounted for 26.248 million shares valued at N27.532 million, United Bank for Africa exchanged 16.126 million shares valued at N151.905 million; Zenith Bank recorded 15.596 million shares valued at N401.367 million while Transnational Incorporated traded 14.753 million shares worth N20.208 million.