Stock Market Opens Week Strong, Capitalisation Hits N125.97trn as Investors Gain N805bn

The Nigerian equities market, on Monday, started the week on a positive note, extending its winning streak to the fourth consecutive trading session with a again of N805 billion.

The All Share Index (ASI) gained by 1,273.79 points, representing a growth of 0.65 per cent to close at 196,263.56 points. Also, market capitalisation up by N805 billion to close at N125.969 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Okomu Oil, Julius Berger Nigeria, Skyway Aviation Handling Company, BUA Cement and Fidson Healthcare.

On market outlook, Imperial Asset Managers Limited stated that “following today’s mixed trading session where the benchmark index advanced despite a virtually flat market breadth, we anticipate a cautious trading pattern tomorrow.

“The large number of unchanged equities suggests that many market participants are adopting a wait-and-see approach at these elevated index levels, while heavy-weight banking and insurance tickers continue to drive the broader market. We advise investors to tread carefully and maintain strategic positions in fundamentally sound, dividend-paying stocks.”

Market breadth was slightly bearish, with 34 declining stocks marginally outpacing 33 advancing counters. Okomu Oil and Fortis Global Insurance recorded the highest price gain of 10 per cent each to close at N1, 605.60 and 66 kobo respectively, while Fidson Healthcare followed with a gain of 9.90 per cent to close at N95.50, per share.

NPF Microfinance Bank rose by 9.89 per cent to close at N6.89, while Infinity Trust Mortgage Bank appreciated by 9.84 per cent to close at N17.30, per share.

On the other hand, The Initiates Plc (TIP) led the losers’ chart by 10 per cent to close at N17.55, while DEAP Capital Management & Trust followed with a decline of 9.97 per cent to close at N6.86, per share.

Multiverse Mining & Exploration and LivingTrust Mortgage Bank depreciated by 9.92 per cent each to close at N22.70 and N5.90 respectively, while Ellah Lakes declined by 9.77 per cent to close at N11.55, per share.

Also, the total volume traded rose by 57.07 per cent to 1.289 billion units, valued at N31.500 billion, and exchanged in 95,091 deals. Transactions in the shares of Japaul Gold & Venture topped the activity chart with 473.982 million shares valued at N1.970 billion. Chams Holding Company followed with 51.525 million shares worth N221.262 million, while Jaiz Bank traded 48.274 million shares valued at N566.895 million.

Secure Electronic Technology traded 46.339 million shares valued at N68.762 million, while Mutual Benefits Assurance transacted 42.450 million shares worth N242.503 million.