The Nigerian stock market commenced the week on a positive note, with the Nigerian Exchange Limited’s capitalization increasing by 0.58 percent to N104.52 trillion. This growth was driven by a surge in demand for equities across various sectors, resulting in a gain of N745 billion for investors. The All-Share Index also appreciated by 946.61 points, or 0.58 percent, to settle at 163,244.69.
The market’s upward trend was led by stocks such as Etranzact, Red Star Express, McNicholas, RT Briscoe, and Deap Capital Management, which each advanced by the maximum 10 percent. These gains contributed to a broad-based investor optimism, with 50 gainers outweighing 20 losers. The market breadth closed firmly positive, indicating a renewed appetite for equities.
On the other hand, Champion Breweries topped the decliners, shedding 8.51 percent to close at N15.05 per share. Other notable losers included Eunisell Interlinked, Ikeja Hotel, Guinea Insurance, and Omatek, which declined by 8.01 percent, 8 percent, 7.30 percent, and 3.13 percent, respectively.
Trading activity saw a significant improvement, with a total of 1.15 billion shares valued at N19.23 billion exchanged in 59,359 transactions. This surpasses the previous session’s volume of 624.08 million shares worth N18.5 billion traded in 43,816 deals. Sovereign Trust Insurance recorded the highest trading volume, accounting for 26.75 percent of total volume, while Fidelity Bank led in value terms, with transactions worth N3.14 billion.
The Nigerian stock market’s strong start to the week reflects the ongoing efforts to bolster the country’s economy. As investors continue to show interest in the market, it is likely that the growth will be sustained. With the market’s positive performance, investors are expected to remain optimistic, driving further growth in the Nigerian Exchange Limited. The increased trading activity and demand for equities are indicative of a favorable investment climate, which may attract more investors to the market.
