Stock market opens week on positive note as investors gain N35.88bn

The local bourse opened the week on a positive note on Monday, as the All share index gained by +0.30% to close at 23,089.86 from 23,021.01 points.

Investors gained N35.88 billion as market capitalization leaped by the same margin to N12.033 trillion bringing YTD performance to -13.94%.

Market upturn was paired with weak trading activity, as total volumes and values traded on the local bourse depreciated by -30.49% and -26.46% to 249.85million units and N2.396billion respectively, in 6,538 deals.

GTBank was the most traded stock by volume at 44.530million units, followed by FBNH  with 40.71 million units of trades.

On the sectoral front, two out of the five indices under our coverage posted gains. ARDOVA (+10.00%) appreciation  buoyed the oil & Gas index up by 0.65%, trailed by UACN (+4.35%) to lift  Consumer Goods slightly by 0.15%.

On the flip side, the insurance, Industrial and Banking Indices closed south by (-1.95%), (-1.31%) and (-1.21%) respectively, as NEM (-10.00%), WAPCO (-4.63%)  and ACCESSBANK (-7.58%) closed lower.

ARDOVA up  9.96% to close at N12.7 ,UACN up 4.35% to close at N7.2.UBN up 3.70% to close at N7 ,MTNN up 3.57% to close at N116,DANGSUGAR up 2.81% to close atN12.8

Guinness down 4.89% to close at N17.5,WAPCO down 4.63% to close at N10.3 Access down 7.58% to close at N6.1,UBA down 4.13% to close at N5.8,NEM down 10.00% to close at N1.98