The Nigerian equities market opened the week on a slightly positive note, following last week’s profit-taking activities. On Monday, August 18, the NGX All-Share Index (ASI) rose to 144,722.47 points from 144,628.20 points, while market capitalisation climbed to N91.561 trillion from N91.501 trillion.
United Capital analysts said: “A calm equity market is expected in August. Some banks have sent dividend payment proposals to the CBN. Their stocks may appreciate when results are released. There may be profit taking in the insurance stocks.”
The market’s year-to-date (YtD) return increased to 40.61 percent, while this month’s return rose by 3.47 percent.
Major advancers included AIICO Insurance, which gained 10 percent to close at N4.18, UPDC rising 10 percent to N7.15, Cornerstone Insurance up 9.99 percent to N7.60, and Deap Capital up 9.94 percent to N1.77.
In 38,160 deals, investors traded over 1.14 billion shares worth N16.17 billion.
Futureview analysts noted: “Market sentiment remains cautious… suggesting only a mild recovery in the near term.”