Stock Market Begins Week Positive, Gains N515bn On Strong Buying

The Nigerian equities market started the week on a positive note, recording a N515 billion gain in market capitalisation amid strong buying interest across key counters.

The All-Share Index rose by 802.94 points, representing a 0.33 per cent increase, to close at 243,396.25 points. In the same vein, market capitalisation advanced by N515 billion to N156.109 trillion, reflecting sustained bullish sentiment at the start of trading activities for the week.

The uptrend was largely driven by price appreciation in large- and medium-capitalised stocks, including Aradel Holdings, MTN Nigeria Communications (MTNN), UAC of Nigeria (UACN), Oando, and The Initiates Plc (TIP), which supported overall market performance.

Market analysts noted that renewed bargain hunting in fundamentally strong stocks helped sustain the positive momentum, despite occasional profit-taking in some counters.

Market breadth remained positive, with 32 gainers outpacing 29 losers. International Energy Insurance led the gainers’ chart with a 9.92 per cent rise to close at N7.98 per share, followed closely by TIP, which gained 9.91 per cent to close at N32.15. Associated Bus Company also advanced by 9.68 per cent to N6.80 per share.

Abbey Mortgage Bank rose by 9.63 per cent to N10.25, while Haldane McCall appreciated by 8.89 per cent to N3.92 per share.

On the losers’ chart, Fidson Healthcare declined by 10 per cent to N122.85 per share, while Academy Press shed 9.70 per cent to close at N7.45. R.T. Briscoe lost 9.43 per cent to N13.45, SUNU Assurance dipped 9.38 per cent to N4.06, and Learn Africa fell 8.70 per cent to N10.50 per share.

Trading activity also strengthened, with total volume rising by 22.63 per cent to 717.156 million units, valued at N56.659 billion, exchanged in 73,321 deals. FCMB Group led activity with 152.308 million shares worth N1.826 billion. It was followed by Premier Paints with 61.037 million shares valued at N135.263 million, and Dangote Cement with 34.721 million shares worth N29.712 billion.

TIP and Jaiz Bank also featured prominently among the most traded stocks, recording 32.818 million and 32.590 million shares valued at N1.029 billion and N293.295 million respectively.