The Nigerian Exchange Limited (NGX) started the new trading week on a positive footing on Monday, adding ₦745bn to its market capitalisation as renewed buying interest swept through key equities. The rally signaled improved investor confidence, pushing the total value of listed stocks to ₦104.52tn from ₦103.78tn at the previous close.
Market indicators reflected the upbeat mood, with the All-Share Index rising by 946.61 points, or 0.58 per cent, to settle at 163,244.69 points. Trading activity also strengthened significantly as investors exchanged 1.15 billion shares valued at ₦19.21bn across 59,326 deals, representing sharp increases in volume, turnover, and transaction count compared with the preceding session.
Sentiment across the market remained largely bullish, as 49 stocks recorded price gains against 20 losers among the 128 equities that participated in trading. E-Tranzact International, Red Star Express, McNichols, UPDC, RT Briscoe, and Deap Capital Management and Trust all topped the gainers’ chart after posting the maximum daily increase of 10 per cent.
On the flip side, Champion Breweries led the losers after shedding 8.51 per cent, while Eunisell Interlinked, Ikeja Hotel, Guinea Insurance, Omatek Ventures, and Lasaco Assurance also closed lower. Despite these declines, overall market breadth remained positive, reinforcing the day’s bullish undertone.
Analysts attributed the market’s strong opening to renewed bargain hunting, particularly in banking and insurance stocks, alongside growing optimism following the NGX’s recent surge past the ₦100tn capitalisation milestone. They noted that expectations of full-year earnings releases and portfolio rebalancing could sustain the upward momentum in the near term, even as profit-taking pressures linger, underscoring the resilience of Nigeria’s equities market amid ongoing macroeconomic challenges.
source: punch