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Buy interest in Oando, 31 Others Lift Stock Market by 0.02%

Kayode Tokede
The Nigerian stock market yesterday commenced the new week trading on a positive note gaining 0.02 per cent on investors demand for Oando Plc and 31 others.
As a result, the benchmark Nigerian Exchange Limited All-Share Index (NGX ASI) improved by 16.68 basis points or 0.02 per cent to close at 102,370.36 basis points, with the Year-to-Date return at -0.5per cent.
Consequently, the overall market capitalisation value up by N10 billion to close at N62.861 trillion.
Analyzing by sectors, the NGX Insurance index (+2.1per cent), NGX Industrial Goods index (+0.2 per cent) and NGX Banking index (+0.1 per cent), while the NGX Consumer Goods index (-0.5per cent) and Oil & Gas per cent (-0.1per cent) posted losses.
Investor sentiment, as measured by market breadth closed positive as 32 stocks advanced while 26 declined. Caverton Offshore Support Group recorded the highest price gain of 10 per cent to close at N2.42, while Wapic Insurance followed with a gain of 9.91 per cent to close at N2.44, per share.
SCOA Nigeria appreciated by 9.68 per cent to close at N2.72, while UPDC and Universal Insurance rose by 9.52 per cent each to close at N1.84 and 69 kobo respectively, per share.
On the other hand, Eunisell Interlinked led the losers’ chart by 10 per cent to close at N14.06, per share. John Holt followed with a decline of 9.63 per cent to close at N9.20, while Secure Electronic Technology shed 8.99 per cent to close at 81 kobo, per share.
Honeywell Flour Mills declined by 7.58 per cent to close at N9.15, while PZ Cussons Nigeria shed 6.00 per cent to close at N23.50, per share.
Also, the total volume of trade increased by 304.48 per cent to 1.326 billion units, valued at N17.667 billion, and exchanged in 13,891 deals.
Transactions in the shares of Wema Bank topped the activity chart with 980.038 million shares valued at N9.801 billion. Universal Insurance followed with 31.318 million shares worth N21.201 million, while AIICO Insurance traded 22.147 million shares valued at N36.854 million.
Oando traded 19.818 million shares valued at N1.481 billion, while Zenith Bank transacted 19.704 million shares worth N925.983 million.
On this week’s trading activities, analysts at United Capital Plc said “we expect mixed sentiments in the market for risk-asset classes, as the expected primary market auction will look to divert a considerable amount of investors’ interest.
“Investors are advised to trade cautiously this week, with a strict focus on equities with strong fundamentals and pending/potential corporate actions.”