The Nigerian Exchange Limited commenced the week on a positive note, with investors witnessing a significant gain of N285 billion on Monday. This uptrend was driven by increased buying activity, which led to a 0.31 percent growth in the performance index. The market capitalisation rose to N89.493 trillion, up from N89.208 trillion on Friday, representing a 0.31 percent increase.
The All-Share Index (ASI) also experienced a notable rise, growing by 435.63 points, or 0.31 percent, to close at 141,439.77. The market breadth was positive, with 40 stocks recording gains and 17 experiencing losses. Stocks such as Julius Berger, Cutix, Regalins, Veritas Kapital, and 36 others were in high demand, contributing to the market’s overall growth.
Julius Berger led the gainers’ table with a 9.93 percent increase, closing at N146.10, followed by Cutix PLC, Regency Alliance Insurance, Veritas Kapital Assurance, and MC Nicholas. On the other hand, University Press, Cadbury Nigeria, Abbey Mortgage Bank, and DAAR Communications were among the top losers, led by Austin Laz.
An analysis of the market activities revealed a decline in market volume and value, but an increase in the number of deals. A total of 591.2 million shares worth N11.7 billion were traded across 33,342 transactions, compared to 1.3 billion shares valued at N47.8 billion that were exchanged across 25,916 transactions on Friday.
FCMB topped the activity chart, with 105.13 million shares valued at N1.14 billion, followed by Veritas Kapital, with 59.6 million shares worth N128.8 million. The Nigerian stock market’s positive performance on Monday is a continuation of the previous week’s trend, where investors recorded a N609 billion gain. This development is expected to boost investor confidence and potentially lead to further growth in the market. As the week progresses, market watchers will be keen to see if this uptrend will be sustained.
