The Nigerian stock market experienced a notable gain on Monday, with the market capitalization increasing by N465 billion, or 0.50 percent, to reach N93.760 trillion. This boost was reflected in the All-Share Index, which rose by 0.50 percent, or 729.19 points, to close at 147,717.23.
The market’s upward trend was driven by increased demand for various equities, including Sovereign Trust Insurance, Regency Alliance Insurance, and Transcorp Power, among others. A total of 25 stocks recorded gains, while an equal number of 25 stocks experienced losses, resulting in a flat market breadth.
Sovereign Trust Insurance led the gainers, with a 9.97 percent increase, closing at N3.53. Regency Alliance Insurance followed closely, with a 9.68 percent gain, settling at N1.36. Transcorp Power also performed well, with an 8.92 percent increase, finishing at N342 per share. Other notable gainers included Consolidated Hallmark Holdings, which grew by 7.14 percent, and Halldane McCall, which soared by 6.80 percent.
On the other hand, Tripple Gee led the losers, with a 9.92 percent decline, finishing at N5.45. Wema Bank followed, with a 4.51 percent loss, ending the session at N19.05. Livingtrust Mortgage Bank also dipped by 3.85 percent, settling at N5 per share. NGX Group and Cutix also experienced losses, declining by 3.33 percent and 3.08 percent, respectively.
The market activity saw an overall improvement in deals, volume, and value, with 624.61 million shares worth N13.5 billion exchanged across 31,563 transactions. This represents a significant increase from the previous Friday, when 386.6 million shares worth N11.26 billion were traded across 21,842 deals.
In terms of trading volume, Consolidated Hallmark topped the activity chart, with 210.5 million shares valued at N909.6 million. Fidelity Bank followed, with 47.5 million shares worth N951.82 million, while CHAMS sold 43.96 million shares valued at N191.6 million. Universal Insurance and Sovereign Trust Insurance also recorded significant trading volumes, with 29.9 million shares and 23.3 million shares, respectively.
The Nigerian stock market’s performance on Monday reflects the ongoing trends and fluctuations in the global financial landscape. As investors continue to navigate the complex market dynamics, it is essential to monitor the market’s trajectory and adjust investment strategies accordingly. The market’s growth and increased activity are likely to have a positive impact on investor confidence and the overall economy.
