Stock Market Gains N61bn As Week Opens Positive

Nigeria’s stock market opened the new trading week on a positive note, rising by 0.22 per cent or N61 billion at the close of the trading session yesterday.

Investors were seen buying insurance, consumer goods, banking stocks and oil & gas stocks.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its equities Market Capitalisation increased from the preceding day’s 52,465.31 points and N28.568 trillion respectively to 52,579.52 points and N28.629 trillion. The market’s positive return year-to-date (YtD) increased to 2.59 per cent.

“This week, we expect bullish sentiments to persist in the market as investors continue to take advantage of the impressive first-quarter (Q1) 2023 earnings season.

“However, we note that there may be pockets of profit-taking activities among investors,” said analysts at Lagos-based United Capital Plc.

Multiverse led the advancers league after its share price increased from N3.10 to N3.41, up by 31kobo or 10 percent, followed by Red Star which increased from N2.41 to N2.65, up by 24kobo or 9.96per cent.

Also, CWG increased from N1.32 to N1.45, adding 13kobo or 9.85percent, while International Breweries made the top gainers league after its share price moved up from N4.40 to N4.70, adding 30kobo or 6.82per cent.

Access Corporation, FBN Holdings, UBA, Transcorp and Axa Mansard were the most traded stocks on Monday as investors in 5,883 deals exchanged 511,384,065 shares valued at N7.139 billion.