The Nigerian equities market started the week on a positive note, with market capitalisation rising by N160 billion as gains in Nestlé Nigeria and 19 other stocks pushed the market higher. The bullish performance came despite broader selling pressure, with investors keeping a close eye on major stocks and the ongoing Dangote Refinery IPO.
At the close of trading, the All-Share Index (ASI) rose by 246.50 points, representing a 0.10 per cent increase, to settle at 243,299.24 points. Consequently, market capitalisation climbed from its previous position to N157.747 trillion, reflecting renewed buying interest in some medium- and large-cap stocks.
The gain was supported by notable advances in Nestlé Nigeria, Nigerian Exchange Group, First HoldCo, Custodian Investment and Dangote Sugar Refinery. Royal Exchange and Nigerian Exchange Group recorded the strongest gains of 10 per cent each, closing at 99 kobo and N162.80 respectively. RT Briscoe followed closely with a 9.88 per cent gain to N8.90, while Secure Electronic Technology and Prestige Assurance advanced by 7.69 per cent and 7.19 per cent respectively.
However, market breadth remained negative as 28 stocks recorded losses compared with 19 gainers, signalling cautious investor sentiment beneath the headline market gain. John Holt led the decliners, falling 10 per cent to N8.10, while Daar Communications and Ellah Lakes dropped 9.80 per cent each. Regency Alliance Insurance also declined by 8.97 per cent, while Learn Africa shed 8.67 per cent.
Trading activity also weakened during the session, with total volume falling by 22.4 per cent to 428.97 million shares, valued at N20.52 billion across 54,592 deals. Japaul Sterling Financial Holding Company led activity with 78.053 million shares worth N588.867 million, followed by Mutual Benefits Assurance and Chams Holding Company. Cowry Assets Management said investors are likely to remain cautious as attention shifts across sectors following the commencement of the Dangote Refinery IPO.
source: The guardian
