Equities Extends Gaining Streak, Index Eyes 26,000points

Equities Extends Gaining Streak, Index Eyes 26,000points
Oladejo Amos
Trading in equities segment of the Nigerian Stock Exchange closed higher on Monday, as investors turned attention to domestic equities after the passage of the 2016 budget.
The All Share Index appreciated 0.49 per cent to close at 25,828.30 points, compared to the increase of 0.54 per cent recorded on Friday to close at 25,701.60 points.
Market capitalization appreciated N44 billion to close at N8.88 trillion, compared to the rise of N47 billion recorded on Friday to close at N8.84 trillion,
Investment analysts at DLM Securities noted that while there is room for stocks to rise in the near term, selling pressure will build as the index nears its recent high of 26,000 mark achieved in January.
Banking stocks gained 2.08 per cent and consumer goods appreciated 0.60 per cent to emerge dominat sectors for the day under review.
The day’s performance was particularly driven by Nigerian Breweries, Guaranty Trust Bank,, Access Bank, Zenith Bank, Flourmill, Transcorp and Unilever.
Unilever Plc led the gainers’ table with N3.30 or 10.24 per cent to close at N35.54 per share, followed by Eterna Oil Plc with 20 kobo or 7.41 per cent to close at N2.90 per share.
United Capital Plc added 11 kobo or 6.67 per cent to close at N1.76 er share, while Transcorp Plc appreciated seven kobo or 6.67 per cent to close at N1.12 per share.
Diamond Bank Plc was up seven kobo or five per cent to close at N1.47 per share, while Fidson Healthcare Plc rose 10 kobo or 4.93 per cent to close at N2.13 per share.
Conversely, GlaxoSmithkline Plc shed N1.07 or 4.99 per cent to close at N20.36 per share, while Cadbury Plc depreciated 82 kobo or 4.98 per cent to close at N15.64 per share.
Berger Paints Plc lost 42 kobo or 4.92 per cent to close at N8.11 per share, while Union Bank Plc dropped 24 kobo or 4.90 per cent to close at N4.66 per share.
Caverton Plc was down eight kobo or 4.85 per cent to close at N1.57 per share.