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The stock market began the week on a positive note, with investors earning N52 billion and performance indices rising by 0.08 percent on Monday.
Specifically, the market capitalization of the Nigerian Exchange Ltd. (NGX) increased by 0.08 percent to N66.769 trillion, up from the N66.717 trillion recorded at the opening on Friday.
The All-Share Index also climbed by 0.08 percent, or 83 points, to finish at 106,621.91, rising from 106,538.72 recorded on Friday.
This positive movement, despite cautious trading, was fueled by gains in certain banking and consumer goods stocks, including First City Monument Bank, Access Corporation, and Dangote Sugar. The market breadth concluded positively, with 32 stocks gaining and 27 losing.
On the gainers’ list, Eterna surged 9.96 percent to settle at N37.55, while Transnational Corporation rose 9.91 percent to close at N51.55 per share.
Additionally, First City Monument Bank jumped 9.89 percent to finish at N10, and Africa Prudential increased by 9.85 percent to close at N36.25 per share. ABC Transport saw an increase of 8.67 percent, closing at N1.63 per share.
On the flip side, VFD Group led the losers with a 9.92 percent drop, ending at N47.20, followed by International Energy Insurance, which fell 8.72 percent, closing at N1.78 per share.
Cadbury Nigeria declined by 8 percent, finishing at N23, while Cornerstone Insurance dropped 7.89 percent, closing at N2.92 per share. Honeywell Flour Mill recorded a loss of 7.06 percent, closing at N12.50 per share.
A total of 364.97 million shares worth N17.628 billion were traded across 14,565 transactions. This compares to 349.18 million shares valued at N9.74 billion traded across 11,911 transactions the previous Friday.
Fidelity Bank shares dominated the activity chart, with 56.4 million shares worth N970.85 million traded. Access Corporation followed with 30.422 million shares valued at N725.48 million, while Zenith Bank transacted 27.64 million shares worth N1.33 billion.
Africa Prudential traded 23.316 million shares valued at N834.19 million, and United Bank for Africa sold 13.102 million shares worth N495.98 million.
Analysts at Vetiva Securities Ltd. noted that despite the modest gain, sentiment remained cautious due to ongoing pressures from high fixed income yields.
“Investors continue to selectively engage fundamentally sound equities, but ongoing bullish momentum seems unlikely without significant economic catalysts.
Thus, we expect another mixed session, with continued selective buying countered by profit-taking,” they commented.
