The Nigerian Exchange Ltd. (NGX) began the week with a notable increase in market activity, as its market capitalization grew by N79 billion, representing a 0.14 percent rise, closing at N56.536 trillion, compared to its opening value of N56.457 trillion.
Similarly, the All-Share Index experienced a gain of 0.14 per cent, equivalent to an increase of 139 points, closing at 98,386.60 points. This is an improvement from Friday’s close of 98,247.99 points. As a result, the Year-To-Date (YTD) return climbed to 31.58 per cent, reflecting sustained positive market momentum.
The positive performance of the market was primarily driven by increased investor interest in key stocks, including FBN Holdings, United Bank for Africa (UBA), Fidelity Bank, Nigerian Breweries, and Transnational Corporation, among other strong equities.
Market breadth also remained positive, with 32 stocks registering gains, while 20 stocks recorded losses, signaling healthy investor participation.
On the gainers’ list, FCMB Group Plc and McNichols Plc topped the chart, each rising by 10 per cent to close at N8.89 and N1.87 per share, respectively. Fidelity Bank Plc followed closely with a 9.93 per cent increase, closing at N14.95 per share. Tantalizers Plc posted a 9.84 per cent gain, ending the session at 67k per share, while Flour Mills of Nigeria Plc climbed 9.81 per cent to close at N55.40 per share.
On the losing side, Berger Paints Nigeria Plc led the decliners’ chart with a 9.83 per cent drop, closing at N21.10 per share. Daar Communications Plc followed with a 9.33 per cent decline, closing at 68k per share. Deap Capital Management & Trust Plc saw a loss of 9.09 per cent, closing at 90k, while Secure Electronic Technology Plc fell 7.46 per cent to close at 62k per share. Honeywell Flour Mills Plc also recorded a 5.12 per cent decrease, closing at N4.63 per share.
In terms of market activity, there was a decline in turnover compared to the previous trading session. The total value of transactions dropped by 18.06 per cent, with 810.43 million shares traded, valued at N8.29 billion, in 10,669 deals. This was a reduction from the previous session, where 554.22 million shares, valued at N10.12 billion, were exchanged in 8,670 deals.
Mecure led the trading activity both in volume and value, with a total of 400.08 million shares traded, amounting to N2.78 billion in value.
Looking ahead, analysts at Cowry Asset Management Ltd. remain optimistic about the market’s performance, expecting continued bullish sentiment throughout the week. This outlook is based on factors such as portfolio rebalancing and strategic investment in value-driven stocks. The analysts also pointed to the recent decline in inflation and positive quarter-end activities as indicators of sustained investor confidence.
However, they cautioned that market volatility remains a concern and advised investors to exercise prudence by focusing on high-quality stocks with strong growth potential. This approach, they said, would help investors manage market fluctuations and capitalize on potential opportunities for long-term gains.