Market Opens Week Positive As 38 Stocks Lead N228bn Gain

The Nigerian equities market on Monday closed on a positive note largely due to share price appreciation in 38 stocks.

As a result, the benchmark Nigerian Exchange All-Share Index (NGX-ASI) rose by 0.14 per cent to close at 250,156.80 points. Year to date returns rose to settle at 60.76 per cent, while market capitalisation rose by N228 billion to close at N162.385 trillion.

Overall, the session was characterized by bullish sentiment and mixed trading activity, as the market maintained its positive momentum and closed above the 250,000 level.

As measured by market breadth, market sentiment was negative, as 38 stocks gained relative to 25 losers. Sunu Assurance, NASCON Allied Industries, Omatek Ventures and Thomas Wyatt Nigeria emerged the highest price gainer of 10 per cent each to close at N3.08, N176.00, N1.32 and N2.53 respectively, per share.

Critical Minerals Financing Corporation followed with a gain of 9.80 per cent to close at N2.24, while Fortis Global Insurance rose by 9.70 per cent to close at N1.81, per share.

On the other side, Oomu Oil led others on the losers’ chart with 10 per cent to close at N1,276.20, per share. Custodian Investment followed with a decline of 9.13 per cent to close at N68.15, while Sovereign Trust Insurance shed 8.64 per cent to close at N2.01, per share.

Haldane McCall depreciated by 8.33 per cent to close at N3.30, while Ellah Lakes dipped by 5.39 per cent to close at N7.90, per share.

Total traded volume rose by 9.2 per cent to 574.19 million units, valued at N38.06 billion and exchanged in 68,655 deals.

On market outlook for this week, Futureview Group stated that “we expect cautious trading, with investors favoring fundamentally strong, attractively valued stocks backed by positive earnings prospects.”

Also, United Capital Plc said, “the Nigerian equity market should remain active and mixed this week. Investors’ focus will be on the Central Bank of Nigeria (CBN)’s Monetary Policy Committee meeting on September 21–22 and FTSE Russell’s reclassification.

“A tighter MPC stance may favour defensive and high-dividend stocks. FTSE Russell’s Frontier Market reclassification takes effect at market open on September 21. Banking stocks could remain mixed, while the N2.15tn Dangote Refinery IPO should remain a key liquidity driver through its October 13 closing date.

“The size of the offer could attract new domestic, regional and foreign investors to the market. Elevated crude prices could also support oil and gas counters. Overall, market performance will depend on whether fresh inflows and positive MPC expectations can offset IPO-related liquidity pressures.”