The Nigerian stock market began the week on a positive note, increasing by 0.02% amid strong demand for Oando Plc and 31 other companies. The Nigerian Exchange Limited All-Share Index (NGX ASI) rose by 16.68 basis points to 102,370.36, although the Year-to-Date return stood at -0.5%. The market capitalization increased by N10 billion, closing at N62.861 trillion.
Sector performance was mixed, with gains in the NGX Insurance (+2.1%), NGX Industrial Goods (+0.2%), and NGX Banking (+0.1%) indices, while the NGX Consumer Goods (-0.5%) and Oil & Gas (-0.1%) indices experienced losses. Investor sentiment remained positive, with 32 stocks advancing and 26 declining. Notable gainers included Caverton Offshore Support Group, Wapic Insurance, and SCOA Nigeria, while Eunisell Interlinked and John Holt led the losers.
The total trade volume surged by 304.48% to 1.326 billion units, valued at N17.667 billion, across 13,891 deals. Wema Bank, Universal Insurance, and AIICO Insurance topped the trading activity chart, with significant transactions in Oando and Zenith Bank as well. Analysts forecast mixed market sentiment for the week, with attention on the upcoming primary market auction, advising investors to focus on stocks with strong fundamentals and potential corporate actions.
Source: THIS DAY