The Nigerian Stock Exchange resumed trading for the week on a bullish trend with the All-Share Index crossing the 32,000 marks following interests in blue chips.
Specifically, the All-Share Index rose by 1,226.88 or 3.96 per cent to close at 32,243.05 compared with 31,016.17 achieved on Friday.
Accordingly, month-to-date and year-to-date gain increased to +5.6 per cent and +20.1per cent, respectively.
Also, the market capitalisation which opened at N16.206 trillion inched higher by N641 billion or 3.96 per cent to close at N16.847 trillion.
Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the rally to inflow of funds from the money market into the equity space.
Omordion said that investors were taking position in blue chips and growth stocks with history of dividend pay out.
He said that the outcome of United States of America presidential election which impacted positively on stock market across the globe contributed to the rally.
“Investors should allow their investment objective to guide them to know when to take profit.
“A good entering and exit strategy makes a successful trader or investor,” Omordion said.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, MTN Nigeria Communications (MTNN), Lafarge Africa, BUA Cement and Guaranty Trust Bank.
Market breadth closed positive with 49 gainers in contrast with 11 losers.
Lafarge Africa, Mutual Benefits Assurance, Northern Nigeria Flour Mills (NNFM) and Oando led the gainers’ chart in percentage terms, gaining 10 per cent each to close at N21.45, 22k, N6.05 and N2.97 per share, respectively
Sterling Bank trailed with 9.89 per cent to close at N2, while Cutix grew by 9.83 per cent to close at N1.90 per share.
Conversely, NCR dominated the laggards’ chart in percentage terms, losing 10 per cent, to close at N1.80, per share.
Learn Africa followed with a loss of 8.70 per cent to close at N1.05, while Conoil shed 6.30 per cent to close at N17.85 per share.
Wapic Insurance dipped 4.55 per cent to close at 42k, while PZ depreciated by 3.13 per cent to close at N4.65 per share.
However, the total volume of shares traded decreased marginally by 0.23 per cent as investors bought 636.01 million shares worth N8.24 billion in 7,210 deals.
This was in contrast with 637.49 million shares valued at N5.23 billion exchanged in 6,354 deals.
Transactions in the shares of Zenith Bank topped the activity chart with 70.22 million shares worth N1.66 billion.
FBN Holdings sold 67.65 million shares valued at N474.57 million, while Access Bank traded 58.02 million shares worth N500.23 million.
United Bank for Africa accounted for 48.53 million shares valued at N410.40 million, while Fidelity Bank transacted 35.19 million shares worth N97.47 million.