The Nigerian stock market started the week on a positive note, recording a gain of N987 billion, equivalent to a 0.99% increase.
This upward trajectory was primarily driven by investor interest in blue-chip stocks like MTN Nigeria, BUA Foods, and FBN Holdings.
The market capitalisation rose from N61.912 trillion to N62.899 trillion, reflecting a gain of N987 billion or 0.99%.
Similarly, the All-Share Index climbed 1,016 points or 0.99% from its opening value of 102,133.30 to close at 103,149.35. Consequently, the Year-To-Date (YTD) return improved to 37.95%.
Market breadth also ended on a positive note, with 38 gainers outpacing 22 losers. Neimeth International Pharmaceutical, Prestige Assurance Company, and Mecure Industries Plc emerged as top performers, each gaining 10% to close at N2.09, N1.10, and N12.65 per share, respectively.
Lasaco Assurance followed closely, rising by 9.96% to settle at N3.09, while Living Trust appreciated by 9.92%, closing at N3.99 per share.
On the flip side, PZ led the losers’ chart with a 10% decline, ending at N2.90. Vitafoam shed 9.62% to close at N21.60, while NGX Group dropped 9.17% to settle at N27.25 per share. Other notable decliners included Ikeja Hotel, which lost 7.41% to close at N11.25, and Eterna, which fell by 5.26% to N27 per share.
Despite the overall market gain, trading activity declined compared to the previous session.
A total of 641.12 million shares worth N15.50 billion were traded in 13,778 deals, a drop from Friday’s turnover of 451.73 million shares valued at N17.49 billion in 12,551 deals.
Universal Insurance topped the activity chart by volume with 71.51 million shares, while Guaranty Trust Holding Company led in value, recording transactions worth N3.11 billion.
Looking ahead, analysts at Cowry Asset Management Ltd. predict that the Nigerian equities market will sustain its positive momentum.
According to their analysis, “With favourable market internals and attractive valuations, the domestic equities market appears well-positioned for further growth in the coming weeks.”
They further noted that year-end window-dressing activities and preparations for the new trading year would likely boost market performance.
