The Nigerian Stock Exchange (NSE) reopened trading on Tuesday after the Easter holidays with a growth of 2.32 per cent in spite of lockdown extension in some parts of the country.
The Federal Government on April 13 extended lockdowns in Lagos, Abuja and Ogun State for an additional 14 days to contain the coronavirus transmission.
Speficially, the All-Share Index improved by 495.92 points or 2.32 per cent to close at 21,879.95 in contrast with 21,384.03 achieved on Thursday.
Similarly, the market capitalisation which opened at N11.144 rose by N258 billion to close at N11.402 trillion.
The upturn was largely boosted by capital appreciation recorded in the shares of the following mid and large capitalised stocks – Dangote Cement, MTN Nigeria, Stanbic IBTC Holdings, Nigerian Breweries and Guaranty Trust Bank.
This week, analysts at United Capital Plc expected trading activities to remain on a positive note, as investors continue to lock in, at the current relatively low prices.
They added that the positive developments in the oil market was expected to reduce the risk of sentiment of Foreign Portfolio Investors and local investors toward Nigerian equities.
Market breadth closed positive with 29 stocks in contrast with 12 losers.
Oando led the gainers’ chart in percentage terms, gaining 10 per cent to close at N2.40 per share.
Nigerian Breweries followed with 9.91 per cent to close at N24.40, while Conoil appreciated by 9.89 per cent to close at N14.45 per share.
Stanbic IBTC Holdings rose by 9.62 per cent to close at N28.50, while Chams appreciated by 9.52 per cent to close at 23k per share.
Conversely, PZ Cussons dominated the laggards’ chart in percentage terms, dropping by 9.09 per cent, to close at N4 per share.
Red Star Express followed with a decline of 5.86 per cent to close at N2.73, while Lasaco Assurance dipped 4.35 to close at 22k per share.
Transcorp lost 4.29 per cent to close at 67k, while Neimeth shed 3.85 per cent to close at 50k per share.
In all, a total turnover of 557.82 million shares worth N2.62 billion was exchanged by investors in 5,310 deals.
This was against a turnover of 314.91 million shares valued at N5.02 billion in 5,427 deals on Thursday.
Transactions in the shares of Omoluabi Mortgage Bank topped the activity chart with 293 million shares valued at N161.15 million.
FBN Holdings followed with 51.82 million shares worth N243.45 million, while United Bank for Africa transacted 35.65 million shares valued at N220.52 million.
Zenith Bank sold 35.59 million shares worth N505.51 million, while Fidelity Bank transacted 25.99 million shares valued at N53.45 million.