The Nigerian equities market kicked off the new trading week on a strong positive note, with the overall market capitalisation surpassing the N80 trillion mark. The All Share Index (ASI) climbed by 539.59 points, or 0.43%, to close at 126,689.54 points. This performance added N341 billion in value, taking the total market capitalisation to N80.144 trillion. The rally was driven primarily by investor interest in medium- and large-cap stocks.
Major gainers included blue-chip companies such as Okomu Oil, Stanbic IBTC Holdings, Dangote Cement, BUA Cement, and CAP, which contributed significantly to the market’s upward movement. Analysts at Coronation Merchant Bank noted that while traders may adopt a cautious outlook ahead of the June Consumer Price Index (CPI) report, upcoming quarterly disclosures and capital restoration plans required by the Central Bank of Nigeria (CBN) are expected to sustain investor confidence, especially in the banking sector.
In line with this optimism, market breadth remained positive, with 45 gainers outpacing 36 losers. Secure Electronic Technology led the gainers with a 10% increase, followed closely by Abbey Mortgage Bank, Ikeja Hotel, McNichols, and Tripple Gee & Company—all posting near double-digit growth. Conversely, stocks like Cutix, RT Briscoe, Tantalizers, and Caverton Offshore led the decliners, each shedding 10% of their value.
Despite the bullish performance, trading activity slightly weakened. The total volume of shares traded fell by 7.39% to 1.287 billion units, worth N32.306 billion, exchanged in 39,431 deals. However, major market players remained active. Access Holdings led in volume with 138.031 million shares traded, followed by Japaul Gold & Venture, AIICO Insurance, UBA, and Jaiz Bank.
Looking forward, analysts anticipate heightened investor positioning as the half-year earnings season approaches. The blend of economic data releases, regulatory compliance reporting, and performance updates is likely to shape investor behavior and potentially maintain the upward momentum in the market, provided macroeconomic indicators remain stable.
Source: Leadership