Nigerian equities market started the week on a bullish note as the Nigerian Stock Exchange (NSE) All-Share Index rose 0.32 per cent to close at 39,045.07, while market capitalisation added N40 billion to close at N12.488 trillion.
The market had declined by 0.83 per cent last week on profit-taking after a massive price rally the precious week. However, trading resumed for the week on a bullish note as bargain hunters, who still see value in some of the stocks, voted more cash for the equities market.
Consequently, the ASI rose 0.32 per cent on the back of 34 price gainers, compared with 17 price losers. In absolute terms, Mobil Oil Nigeria Plc led the bulls, chalking up N5.46 to close at N119.99 per share, followed by Nigerian Breweries Plc with N1.09 to close at N169.50 per share.
However, Jos International Breweries Plc and Union Dicon Salt (UDS) Plc led in terms of percentage gains, rising 9.98 per cent and 9.96 per cent respectively.
The shares of UDS have witnessed a renewed patronage as a leading investment and project development firm, CBO Capital Partners Limited entered into an agreement aimed at turning around the fortunes of the salt-making firm.
UDS had said: “This agreement is geared at restructuring the company through an investor with demonstrated commitment and technical expertise, capability and commitment to create value and to manage and run the company.”
The Managing Director of UDS, Col. Henry Mgbemena (rtd), had expressed happiness at the development, saying: “We are glad to have CBO on board, to rejuvenate this great company, and we shall soon announce a strategy that will involve investment of billions of naira, over the next 24 months.”
Apart from Jos International Breweries and UDS, Costain (W.A) Plc, Eterna Plc and Portland Paints also made the top table of the price gainers’ appreciating 8.6 per cent, 5.7 per cent and 4.9 per cent in that order. Meanwhile, investors traded 289.087 million shares valued at N1.724 billion in 4,495 deals yesterday.