After opening trading in the red, the Nigerian equities market closed flat on Monday though in favour of the bulls on the back of profit-taking as recent gains tapered with the major indicators appreciating by 0.01 per cent each.
The benchmark index, the All Share Index appreciated by 4.71 basis points or 0.01 per cent to close at close at 31,446.4 points as against 31,441.71 points recorded at the weekend just as market capitalisation gained N1.615 billion to close at N10.8 trillion as against N10.776 trillion recorded on Friday.
Appreciation in Dangote Cement; 2.2 per cent and Guaranty Trust Bank ;0.6 per cent was responsible for the marginal gain seen in the market as most tier-one banking stocks depreciated.
At the close of trading on Monday, a total of 146.702 million shares valued at N1.436 billion changed hands in 3,262 deals with the financial services sector accounting for a total of 81.287 million shares valued at N80.585 million in 1,885 deals.
In the banking sub-sector, investors bought and sold a total of 57.950 thousand shares valued at N570.649 million in 1,258 transactions.
Petroleum marketer, Mobil Nigeria, led the gainers’ table when it appreciated by 500 kobo to close at N165.00 per share, followed by Dangote Cement which gained 400 kobo to close at N185.00 per share, 7UP Bottling Company added 150 kobo to close at N194.00 per share, Presco grabbed 100 kobo to close at N32.00 per share, while Roads Nigeria nicked 31 kobo to close at N6.60 per share, among others.
On the flip side, Forte Oil came sat atop the decliners’ table when it went down by 400 kobo to close at N204.00 per share, followed by Nigerian Breweries which depreciated by 350 kobo to close at N131.50 per share, PZ Cussons lost 146 kobo to close at N33.05 per share, UAC of Nigeria shed 75 kobo to close at N36.25 per share, while the share price of Zenith Bank went down by 70 kobo to close at N16.20, among others.
Reacting at the close of trading on Monday, analysts at UBA Capital said: “We look to see more profit taking this week, slightly offset by bargain hunting steered by attractive valuations.
Although we note the increasingly attractive valuation of value stocks in the market, we expect the weak macro backdrop to fuel more speculative behavior in the market in the near term”.