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Equities begins December on bullish note

By The Rainbow
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The Nigerian Stock Exchange commenced the month of December on a bullish note, with the number of gainers standing at double the losers.

All share Index pushed forward to underscore investors' positive mood even at a period that is usually accentuated by lull in trading activities as Christians ready for their most celebrated event globally.

After last week profit taking activities, the equity market started this week on a strong note as the gainers doubled the losers, which raised the index by 32bps, the highest in the last 6 trading days.

On the day's trading, index was up 32 bases points, the highest in the last trading days, with 34 stocks on the green 17 stocks on the red. JOSBREW led the gainers’ list with 9.98% while LIVESTOCK topped the laggards’ list by 6.92%. At the close of bell, the YtD return stays at 39.06% while the index level and market capitalization settled at 39,045.07pts and NGN12.489trn respectively.

Despite the positive mood, volume and value of transactions declined by 48.3% and 79.3% in that order. The value of transaction at NGN1.73bn traded Monday was at 2-month low since the rally began in October. The day’s gain can be attributed to the banking sector.

Monday'’s activity is a reflection of our position of what is likely to play out in the first 2 weeks in December if history will repeat itself.