Nigerian Stock Market Begins Week with a Surge as ASI Gains 0.7%

The Nigerian equities market commenced the week on a positive trajectory, largely driven by invigorated demand for shares of prominent companies such as Zenith Bank and Dangote Sugar. Investors flocked to these stocks, propelling their share prices to swell by 6.5% for Zenith Bank and an impressive 10% for Dangote Sugar.

All-share Index Uptick

This fervent buying activity bolstered the All-share Index (ASI), which saw an uplift of 0.7%, finishing the day at 102,044.84 points. This upswing also positively impacted the market, with Month-to-Date and Year-to-Date returns climbing to +2.1% and +36.5%, respectively.

Market Capitalization Growth

Market capitalization reflected a substantial increase as well, ending at N57.70 trillion which translates to a hefty gain of N403.69 billion for equity investors following the day's market close.

Bullish Market Sentiment

The market exuded optimism, as evidenced by the market breadth, with a more considerable number of stocks appreciating in value compared to those that declined. Honeywell Flour Mills and NEM Insurance came out on top, each registering a 10% increase in share price. Conversely, Prestige Insurance and LASACO Assurance bore the brunt of the market wherein their shares tumbled by 10% and 9.8%, respectively.

Sector Performance and Trade Turnover

The Market's buoyancy was echoed across various sectors, with notable uplifts recorded in the Banking, Insurance, Consumer Goods, and Industrial Goods indices, all experiencing gains between 1.1% and 2.0%. The only exception was the Oil & Gas index which experienced a slight decline by 0.2%.

Despite the overall upbeat trade, the market's turnover revealed a downturn compared to the previous session, with the total value of transactions seeing a reduction by nearly 14%. A cumulative of 436.90 million shares worth N17.09 billion were traded across 11,344 deals. Guaranty Trust Holding Company emerged as the most traded in terms of volume, while Transcorp Power was at the forefront based on the transaction value, accounting for deals amounting to N5.93 billion.

Equities, Market, Gains