By Chiamaka Okechukwu
Nigeria’s stock market began the week on a bullish note as gains on 46 stocks led to a 0.22 percent increase on key indices of the Nigerian Exchange Group Limited (NGX). The positive performance was largely driven by profit-taking activities in equities such as Academy Press, ABCTRANS, and IKEJA Hotel.
Investors experienced a surge of N71 billion in market capitalization, reflecting a 0.22% rise to close at N32.308 trillion, compared to the N32.236 trillion recorded on Friday.
In tandem with the market capitalization, the All-Share Index rose by 132.13 basis points or 0.22% to close at 59,335.88, surpassing the previous day’s figure of 59,203.75 points.
During Monday’s trading session, 46 stocks ended on the gainers’ list, outperforming the 23 stocks on the losers’ list.
Academy Press took the lead on the gainers’ chart with a 10% increase in share price, joined by five other equities. ETERNA followed closely with a gain of 9.78%, while SKYAVN saw a 9.73% rise in its share price.
On the flip side, Unity Bank topped the decliners’ table with a 10% decline in its share price, followed by JAPAUL Gold with a 9.23% drop, and VERITAS Kapital Assurance with an 8.70% decrease in share value.
These positive market indicators demonstrate investor confidence in Nigeria’s economy and suggest that the stock market is on a path of recovery and growth. As the week progresses, market participants will closely monitor the performance of various equities and economic indicators to make informed investment decisions.
