The Nigerian stock market kicked off the week on a strong note on Monday, recording a total gain of N147 billion as market capitalization rose to N126.583 trillion. Investors were buoyed by renewed demand for top-performing stocks, including Conoil, NGX Group, Oando, Legend Internet, and Omatek, among 22 other advancers. The market opened at N126.436 trillion, marking a 0.12% increase by close of trading.
The All-Share Index also reflected this upward momentum, gaining 228.83 points to finish at 197,196.98, up from 196,968.15 at the previous session. The surge contributed to an improved Year-To-Date (YTD) return of 26.72%, signaling a strong performance trajectory for Nigerian equities. Analysts noted that investors’ appetite for key stocks underpinned the market’s optimism.
Despite the positive rally, the market breadth closed on a negative note, with 43 stocks losing value against 27 gainers. Leading the decliners were Aluminium Extrusion Industries, down 10% to N13.95 per share, and SCOA, which dropped 9.90% to N30.95. Other significant losers included RT Briscoe (-9.87%), Sunu Assurances (-9.81%), and Union Dicon Salt (-9.76%).
On the upside, Conoil, Legend Internet, and Omatek topped the gainers’ table, each climbing 10% to close at N185.90, N7.04, and N2.42 per share, respectively. NGX Group followed closely with a 9.97% gain to N166, while Oando rose 9.96% to N54.65 per share, reflecting strong investor confidence in these blue-chip stocks.
Market activity surged on the day, with total traded volume increasing 30.09% to 762.53 million shares valued at N31.23 billion across 86,488 transactions. Fortis Global Insurance led in traded volume, accounting for 16.71% of total shares, while Aradel recorded the highest traded value at N5.07 billion, representing 16.24% of overall market value for the session.
source: This day