Ahead of the Christmas celebrations, the Nigerian Exchange Limited (NGX) started the week positively, with the market capitalization rising by N138 billion to N61.441 trillion. The All-Share Index (NGX ASI) gained 0.22%, closing at 101,356.15 basis points. Market sentiment was buoyant as 54 stocks advanced against 20 decliners, showcasing strong investor confidence. Champion Breweries, International Breweries, and AXA Mansard Insurance were among the top gainers, each appreciating by 10%.
The volume of shares traded dropped by 2.4% to 503.19 million units, valued at N16.27 billion across 12,490 deals. Guaranty Trust Holding Company led the trading chart, followed by Japaul Gold & Ventures and Zenith Bank. On the flip side, Austin Laz & Company led the losers with a 9.84% decline. Other laggards included Aradel Holdings and Oando, which saw drops of 9.64% and 8.63%, respectively.
Looking ahead, analysts at United Capital Plc predict sustained buy interest in undervalued stocks despite challenges posed by high fixed-income yields. They foresee some bearish trends persisting as investors balance opportunities in equities with attractive returns in the fixed-income market.