The Nigerian stock market kicked off the week on a positive note, with a surge in interest in banking stocks driving the market upwards. After a recent dip in the financial services sector, key stocks like Ecobank Transnational Incorporated, NEM Insurance, United Bank for Africa, FCMB Group, and AIICO saw a rebound, along with a growing appetite for industrial goods index stocks.

By the end of trading on Monday, the banking index led the gains with a two per cent increase, fueled by increased buying activity in Wema Bank, Zenith Bank, UBA, Access Holdings, and Fidelity Bank Plc. The Insurance sector also saw a gain of 1.48 per cent, while the Consumer and Industrial Goods indexes experienced more modest gains of 1.09 per cent and 0.11 per cent, respectively. The Oil/Gas sector was the only one to decline, dropping by 0.23 per cent due to selling pressure in Eterna Plc.

The benchmark index of the NGX closed at 102,044.84 points, marking a year-to-date return of 36.47 per cent. This positive momentum pushed the market capitalization to N57.6tn, resulting in investors gaining approximately N404bn. Market sentiment was upbeat, with 34 securities recording gains compared to 16 losers.

Notable gainers included Honeywell Flourmill and NEM Insurance, which both saw a 10 per cent increase, closing at N3.74 and N6.05, respectively. Dangote Sugar stocks also performed well, rising by 9.97 per cent to close at N61.20. On the other hand, Prestige Assurance, LASACO, and UAC Nigeria experienced losses of 10 per cent, 9.83 per cent, and 9.68 per cent, closing at N0.54, N2.11, and N12.60 per unit, respectively.

Overall, trading activity in the stock market showed positive sentiment, with total deals and volume increasing by 5.17 per cent and 22 per cent to 11,344 trades and 436.90 million units. However, the total value declined by 13.98 per cent to N17.10bn. Guaranty Trust Holding Company emerged as the most traded security by volume, with 96.63 million units exchanged in 493 trades, while Transcorp Power, listed just the previous Monday, was the most traded security in terms of value, totaling N5.93bn.

The Nigerian stock market continues to show resilience and potential for growth, attracting both local and international investors looking to capitalize on the country’s economic opportunities.