Nigerian Stock Market Begins Week Strong with N193bn Gain Amid Renewed Investor Confidence

The Nigerian Exchange Limited (NGX) opened the week on a bullish note, recording a gain of N193 billion in market capitalisation. The All-Share Index (ASI) rose by 372.21 points to close at 121,361.87 from 120,989.66, reflecting a 0.31 per cent increase. This upward movement signals renewed investor optimism as the market enters the mid-year earnings season.

Market performance was largely driven by gains in blue-chip and mid-cap stocks, particularly within the consumer goods, banking, and insurance sectors. These sectors attracted heightened interest as investors positioned ahead of corporate earnings releases. Although total volume and number of deals dipped slightly compared to the previous trading session, overall transaction value climbed by 31 per cent to N14.44 billion, suggesting a shift towards higher-value trades.

A total of 824.1 million shares changed hands across 24,042 deals. The market breadth was positive, with 53 gainers outpacing 24 losers among 125 equities traded. Cadbury Nigeria Plc, Ellah Lakes, UPDC REIT, and Tripple Gee led the gainers, each rising by 10 per cent. Other notable risers included Red Star Express and NGX Group, both with nearly 10 per cent gains.

On the flip side, Sunu Assurances topped the losers’ chart, shedding 10 per cent to close at N4.50. RT Briscoe and Prestige Assurance also recorded sharp losses of 9.59 per cent and 9.09 per cent respectively. In terms of volume, Universal Insurance led with 71.9 million shares traded, followed by FCMB, Japaul Gold, Access Holdings, and AIICO Insurance. For value, Nigerian Breweries dominated with N2.39 billion worth of shares exchanged.

Sector performance also contributed to the market’s bullish sentiment. The NGX Banking Index climbed 0.94 per cent, while Consumer Goods and Insurance indices gained 0.75 per cent and 0.39 per cent, respectively. The ASI’s year-to-date return now stands at 17.91 per cent, with a four-week gain of 7.61 per cent and a 1.15 per cent increase on a week-on-week basis, underscoring sustained investor confidence in Nigeria’s capital market.

Source: Punch