Nigerian Stock Market Kicks off Week with Optimism as ASI Gains 1.9%

The Nigerian Stock Market commenced the week on a positive note with significant bullish activity, propelling the All-Share Index (ASI) up by 1.9% to close at 84,640.89 points. This uptick in the market was driven by investor interest in prominent industrial firms like Dangote Cement, BUA Cement, and Zenith Bank, which saw their stock prices climb by 7.14%, 0.59%, and 3.60%, respectively.

Market Capitalization and Gains

With the boost in the benchmark index, the overall market capitalization of listed equities also experienced an increase, rising by 1.92% to reach N46.32 trillion. This improvement reflects a year-to-date advance of 13.20% in the ASI.

The market showed a strong sentiment, as indicated by the market breadth, with 66 stocks ending the day with gains compared to 8 decliners. PZ and Sovereign Insurance stood out, both posting a 10% increase in share value, while Abbey and Julius Berger were at the losing end with respective declines of 9.5% and 3.5% in their stock prices.

Sector Performances

The positive market sentiment was mirrored across various sectors, with the NGX Banking, NGX Insurance, NGX Consumer Goods, NGX Oil/Gas, and NGX Industrial Goods indexes showing gains of 1.30%, 7.23%, 1.78%, 0.08%, and 4.40%, in that order.

Trading Volume and Value

Market activity also saw an upswing with total deals, traded volume, and value increasing by 16.67%, 34.44%, and 21.25% respectively. This resulted in 13,647 deals trading 807.51 million units valued at N11.03 billion.

The trading session ended with Transnational Corporation leading in terms of volume, as 66.89 million of its units were traded, amounting to N956.01 million over 819 trades.

Nigerian, Stock, Market