Nigerian Equities Market Kicks Off the Week with Bullish Momentum as Investors Gain N70.14 Billion

The trading week commenced on an upbeat note at the Nigerian Exchange Limited, sustaining its upward trend as the All-Share Index climbed by 0.18 percent to settle at 71,669.91 basis points.

Notable gains were recorded in the shares of prominent corporations like MTN Nigeria Communication, BUA Cement, and Zenith Bank. Their shares went up by 0.59 percent, 0.52 percent, and 1.43 percent respectively, playing a significant role in driving the overall market's bullish performance on Monday.

This cumulative growth led to a boost in the Month-to-Date and Year-to-Date returns, reaching +0.4 percent and +39.8 percent respectively. As a direct consequence of these advances, equity investors collectively pocketed N70.14 billion, bringing the total market capitalization to a robust N39.22 trillion by the close of Monday's trading activities.

The market exuded positive vibes with 27 stocks climbing against 23 on the decline. Highlighting the day's victories, Ecobank Transnational Incorporated and Deap Capital Management and Trust saw significant surges in share value, ascending by 9.9 percent and 9.8 percent respectively. In contrast, RT Briscoe and Secured Electronic Technology faced the steepest losses, falling by 9.7 percent and 9.3 percent respectively.

Industries had mixed results with the Banking and Industrial Goods sectors emerging victorious with gains of 1.6 percent and 0.2 percent, whereas the Insurance sector experienced a downturn. Both Consumer Goods and Oil & Gas sectors remained unchanged.

However, the day's trade turnover lagged behind the previous session's numbers, with the transaction value diminishing by 46.53 percent. This activity translated to a total of 375.32 million shares worth N3.85 billion being traded across 7,011 transactions.

The most trading momentum was seen with Veritas Kapital, which topped the volume chart with 88.84 million units, while Access Holdings led in terms of value with transactions totaling N612.70 million.

Stocks, Markets, Earnings