The Nigerian stock market opened the week with a slight gain of 0.03%, fueled by renewed investor interest in Zenith Bank and 28 other stocks. The Nigerian Exchange Limited All-Share Index (NGX ASI) increased by 24.99 points to close at 97,747.27, while market capitalization rose by N16 billion to N59.231 trillion. The market breadth was positive, with 29 stocks gaining and 22 losing. John Holt, Eunisell Interlinked, and Beta Glass led the gainers, while MeCure Industries, The Initiates Plc, and Thomas Wyatt Nigeria saw the steepest declines.
Total trading volume surged by 40.03%, reaching 413.35 million units valued at N5.34 billion. Japaul Gold & Ventures led the day’s transactions, followed by Consolidated Hallmark Holdings and Access Holdings. Despite the market’s positive movement, the higher interest rates in the fixed-income market are expected to keep some investors cautious, with bearish sentiment possibly lingering.
Looking ahead, analysts from United Capital Plc predict continued investor interest in undervalued stocks, though they caution that high fixed income yields may cause some market hesitation. However, bullish investors are expected to keep engaging in bargain hunting, attracted by long-term opportunities in the equity market.
