The Nigerian stock market commenced the week on a positive note, with investors’ portfolios experiencing a significant gain of N465 billion. The market capitalization of the Nigerian Exchange Limited increased from N93.295 trillion at the opening to N93.760 trillion at the close of trading on Monday. This gain was accompanied by a 0.50 per cent advancement in the All-Share Index, which closed at 147,717.23, representing a 729.19-point increase from the previous Friday’s record of 146,988.04.
The surge in trading activity was largely driven by increased demand for various equities, including Sovereign Trust Insurance, Regency Alliance Insurance, Transcorp Power, Consolidated Hallmark Holdings, and Halldane McCall, 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 emerged as the top gainer, whereas Tripple Gee led the losers’ chart.
Further analysis of the market activity revealed an overall improvement in the number of deals, volume, and value traded. On Monday, 624.61 million shares worth N13.5 billion were exchanged across 31,563 transactions, surpassing the 386.6 million shares valued at N11.26 billion traded across 21,842 deals on the preceding Friday. Consolidated Hallmark topped the activity chart in terms of volume, with 210.5 million shares valued at N909.6 million, closely followed by Fidelity Bank, which recorded 47.5 million shares worth N951.82 million.
The Nigerian stock market’s positive performance on Monday is a notable development, particularly given the current economic climate. As the market continues to evolve, investors and stakeholders will be closely monitoring the trends and fluctuations in the coming days. With the increase in market capitalization and the All-Share Index, the Nigerian Exchange Limited has demonstrated its resilience and potential for growth, making it an important sector to watch in the African financial landscape.
