Lagos: The Nigerian stock market opened on a bullish note on Monday, resulting in gains of N340 billion for investors.
It also sustained the five-day upward trend from the previous week.
The uptrend was driven by increased interest from investors in stocks such as Ikeja Hotel, Transcorp, Okomu Oil, and 42 other stocks.
Specifically, the market capitalisation, which opened at N79.803 trillion, added 340 billion or 0.43 per cent to close at N80.143 trillion.
The All-Share Index also gained 0.43 per cent or 539.95 points, to settle at 126,689.54 against 126,149.59 recorded on Friday.
Meanwhile, the market breadth also closed positively with 45 gainers and 36 losers.
Secure Electronic Technology led the advance chart, increasing by 10 per cent, closing at N1.10, while ABBEY Mortgage Bank soared by 9.99 per cent, settling at N7.60 per share.
Ikeja Hotel gained by 9.95 per cent, finishing at N22.10, and Mc Nicholas grew by 9.92 per cent, ending the session at N4.32 per share.
Also, Triple Gee rose by 9.78 per cent, closing at N3.93 per share.
On the flip side, Cutix dropped by 10 per cent, settling at N4.14, while RT Briscoe also declined by 10 per cent, ending the session at N3.96 per share.
Tantalizer lost by 10 per cent, finishing at N2.70, and Caverton Offshore Support Group also shed by 10 per cent, closing at N7.20 per share.
Neimeth International Pharmaceutical gained by 9.95 per cent, settling at N8.24 per share.
A total of 1.29 million shares, worth N32.2 billion, were traded across 39,437 transactions, compared to 1.39 billion shares, worth N30.55 billion, that were exchanged across 33,399 transactions earlier.
Transactions in the shares of Access Corporation topped the activity chart with 138.03 million shares worth N3.50 billion.
Ja Paul Gold followed with 93.37 million shares valued at N292.93 million while AIICO Insurance traded 93.36 million shares worth N220.55 million.
United Bank for Africa sold 68.79 million shares valued at N3.05 billion, and Jaiz Bank transacted 59.65 million shares worth N231.09 million.
Reacting to the market performance, Mr Tajudeen Olayinka, Chief Executive Officer of Wyoming Capital and Partners, said, “This is a good development. It is normal, and some investors are bringing huge funds into the market.
“However, we should expect some sessions of profit-taking in the coming days.”
