Opening the week’s trading, the Nigerian Exchange Ltd. (NGX) market capitalisation advanced by ₦79 billion, or 0.14%, closing at ₦56.536 trillion, up from an opening of ₦56.457 trillion. The All-share Index also increased by 0.14%, or 139 points, to close at 98,386.60 points, compared to 98,247.99 points on Friday.
As a result, the Year-To-Date (YTD) return increased to 31.58%. The market’s positive performance was driven by strong rallies in the stocks of FBN Holdings, United Bank for Africa (UBA), Fidelity Bank, Nigeria Breweries, and Transnational Corporation, among other advancing equities.
MARKET PERFORMANCE
The market breadth closed positively with 32 gainers and 20 losers on the floor of the Exchange. Notable gainers included:
- FCMB and McNichols, each up by 10%, closing at ₦8.89 and ₦1.87 per share, respectively.
- Fidelity Bank, which gained 9.93% to close at ₦14.95.
- Tantalizers, up 9.84% to close at ₦0.67.
- Flour Mill, increasing by 9.81% to ₦55.40 per share.
Conversely, leading the losers’ chart was Berger Paints, down 9.83% to ₦21.10, followed by Daar Communications, which fell by 9.33% to ₦0.68 per share. Other notable losers included:
- Deap Capital Management and Trust Plc, down 9.09% to ₦0.90.
- Secure Electronic Technology Plc, which dropped 7.46% to ₦0.62.
- Honeywell Flour, declining by 5.12% to ₦4.63 per share.
TRADING ACTIVITY
Analysis of market activities showed that trade turnover settled lower relative to the previous session, with the value of transactions down by 18.06%. A total of 810.43 million shares valued at ₦8.29 billion were exchanged in 10,669 deals, compared to 554.22 million shares valued at ₦10.12 billion traded in 8,670 deals in the previous session. Mecure led the activity chart in both volume and value, with 400.08 million shares valued at ₦2.78 billion.
OUTLOOK
In its market review and outlook, analysts at Cowry Asset Management Ltd. anticipate continued bullish sentiment in the new week, highlighting the market’s resilience amid positive macro signals. This momentum is expected to be driven by portfolio rebalancing and strategic positioning in value-driven stocks.
Analysts noted that the recent dip in inflation and favorable quarter-end activities suggest that investor optimism may persist, creating entry opportunities for those seeking fundamentally sound investments. However, they advised caution due to potential market volatility and encouraged investors to focus on quality stocks with strong growth prospects to navigate possible swings effectively.
