VStock market opens bullish after Sallah break with N330bn growth

The Nigerian Exchange (NGX) resumed from the Sallah holidays on Thursday bullish with the market capitalisation appreciating by N330 billion.
Analysts said the price appreciation was buoyed by buy-interest in all the major market sectors with the exception of the insurance sector.
Specifically, the market capitalisation inched higher by N330 billion or 1.67 per cent to N20.103 trillion from N19.773 trillion on Monday.
Also, the All-Share Index increased by 632.87 points or 1.67 per cent to close at 38,585.52 against 37,952.65 on Monday.
Accordingly, the month-to-date gain increased to 1.8 per cent, while the year-to-date loss moderated to 4.2 per cent.
The positive performance was driven by price appreciation in large and medium capitalised stocks amongst which are; Dangote Cement, Total, Cutix, Vitafoam and Oando.
Analysts at Afrinvest Ltd. said, “We expect the market to extend the positive performance to the last trading session of the week, driven by positive earnings release by companies.”
Consequently, the market closed positive with 22 gainers relative to 12 losers.


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