The Nigerian equities market began the week on a positive note, with investors gaining N412 billion, driven by impressive performances from 35 stocks. The All-Share Index climbed by 655.93 points, a 0.62% increase, closing at 106,698.50 points. Market capitalization also rose to N67.06 trillion, marking a significant gain. Key contributors to the upturn were stocks in large and medium capitalized companies, including Aradel Holdings, Presco, Beta Glass, MTN Nigeria Communications (MTNN), and Nigerian Breweries.
Analysts at United Capital Plc noted that while the market showed positive growth, the elevated interest rate environment in the fixed-income market may lead to mixed market performance in the near future. Investors are likely to remain cautious, as they await the Monetary Policy Committee (MPC) meeting later this month, which could influence future market movements. Despite the upward movement, some retail investors are engaging in profit-booking, leading to occasional selloffs that hinder consistent price increases.
Veteran analysts at Vetiva Dealings and Brokerage pointed out that after the release of key first-quarter earnings, the market could experience a slowdown in broad-based buying. However, there could still be sustained growth in large-cap consumer stocks, and if bargain-hunting returns to the banking sector, the market may open positively in the coming days.
The day’s market sentiment was overall positive, with 35 stocks gaining, compared to 29 decliners. Beta Glass led the gainers with a 9.97% increase, closing at N120.75, followed by The Initiates Plc, which gained 9.90%, and Cadbury Nigeria, which rose by 9.87%. Other notable gainers included Caverton Offshore Support Group and Multiverse Mining & Exploration, which saw gains of 9.77% and 9.45%, respectively.
On the losing side, Ecobank Transnational Incorporated was the biggest loser, dropping by 9.62% to close at N23.50, followed by Meyer, which lost 6.70%. Custodian Investment and Mutual Benefits Assurance also saw declines of 4.72% and 4.49%, respectively. Trading volumes increased by 0.66%, totaling 569.04 million units, valued at N18.93 billion. Leading the activity were shares of First HoldCo, Guaranty Trust Holding Company (GTCO), and Access Holdings.
Source: The Guardian