After three trading days of consecutive losses, Nigerian stocks rebounded on Monday on a risk-off approach to investing, seeing the benchmark index surge by 0.16%. Banking stocks led the climb.
The advance was initiated by FBN Holdings, Zenith and GTCO, with Nestle as a supporter.
During the trading session, the all-share index jumped 67 points to 43,266.27 index points and the market valuation reached N22.58 trillion. Since the beginning of the year, the index has risen 7.44%.
Flour Mills of Nigeria Plc, Nigeria’s largest flour maker, announced Monday that it has closed a deal to purchase Honeywell Flour Mills, majority owned by billionaire and former chairman of FBN Holdings Oba Otudeko.
Honeywell closed the day on top of the gainers table, as it appreciated 9.73%, just shy of the maximum daily movement permitted by the market.
The total value of the trades was N4.7 billion, with 433.6 million shares traded in 4,811 deals.
A total of 134 million units of Mutual Benefits’ shares worth N32.6 million were exchanged in 62 deals, making it the most active stock.
In this week’s market, we expect a sideways trend, and a bias towards profit-taking as investors continue to recognize gains from the 9-month earnings season.
In terms of market breadth, a gauge of investor sentiment, there were 17 gainers and 17 losers.
Top 5 gainers
As the top gainer, Honeywell appreciated by 9.73% to close at N3.72. NEM rose 7.89% to N2.05. FBN Holdings improved by 6.49% to finish at N12.30.
Oando climbed 5.97 % to finish today’s trade at N5.15. Meanwhile, Champion Breweries climbed 3.83% to N2.71.
Top 5 Losers
Initiates fell by 9.76% to close at N0.37, while UPDC lost 9.74% to close at N1.39.
A 9.09% loss brought FTN COCOA down to N0.40. Japaul tanked to N0.39, recording 4.88% depreciation.