Nigerian Equities Market Starts Week Strong with N173bn Gain Despite Lower Trading Volume

The Nigerian equities market kicked off the week on a positive trajectory as it recorded a N173 billion increase in market capitalisation, driven by renewed investor interest in select large- and mid-cap stocks. The All-Share Index (ASI) rose by 0.25% to close at 112,026.26 points, up from 111,742.01, while market capitalisation climbed from N70.43 trillion to N70.6 trillion, according to data from the Nigerian Exchange Limited.

Despite the gains in market indices, overall trading activity was subdued. Total traded volume dropped by 73%, while trade value plummeted by 84%, with only 517.95 million shares worth N10.07 billion exchanged across 17,019 deals. The number of deals also saw a 9% decline from the previous session, signaling cautious participation by investors.

Market breadth remained negative, with 23 gainers against 36 losers out of 127 equities traded. Multiverse Mining and Exploration topped the gainers list with a 9.87% rise, followed by Livestock Feeds (9.57%), Lasaco Assurance (8.11%), and others including Neimeth International and Royal Exchange. On the other hand, Legend Internet led the losers with a 9.90% decline, accompanied by Secure Electronic Technology and E-Tranzact International.

Fidelity Bank dominated trading volumes with 98.8 million shares exchanged, followed by Royal Exchange, Access Holdings, and Cutix. This shows that while fewer trades occurred overall, certain stocks still attracted significant attention from market participants.

Sectoral performance was mixed, with the NGX Premium and Insurance indices posting gains, while the Oil & Gas and Industrial indices recorded minor losses. The ASI’s year-to-date return now stands at 8.84%, indicating resilience in the face of recent volatility. The strong opening builds on a bullish close to the previous week, where the market gained N1.71 trillion in capitalisation amid rising investor confidence.

Source: Punch