Nigerian stock market Opens Week With N465 Billion Gain For Investors

The Nigerian stock market kicked off the new week on a robust bullish trajectory, rewarding investors with a significant gain. The positive momentum saw the market capitalization soar by N465 billion, fueled by increased demand for high-value equities across key sectors.

Dependable NG reports that the rally was visible on Monday’s trading floor, where the Nigerian Exchange Limited (NGX) saw its market capitalization climb to N93.760 trillion at the close of trading, an impressive jump from the N93.295 trillion recorded at the opening. Simultaneously, the All-Share Index (ASI) advanced by 0.50 per cent, or 729.19 points, settling at 147,717.23 against the 146,988.04 recorded on the previous Friday.

Market data analysis attributes the surge to heightened investor interest in a selection of stocks, including Sovereign Trust Insurance, Regency Alliance Insurance, Transcorp Power, Consolidated Hallmark Holdings, and Halldane McCall, among 20 other stocks. The market closed with a flat breadth, recording 25 gainers and 25 losers, yet the overall sentiment was undeniably bullish.

The day’s champion on the gainers’ chart was Sovereign Trust Insurance, while Tripple Gee led the losers’ chart. A further assessment of market activity showed an overall improvement across key metrics: a total of 624.61 million shares valued at N13.5 billion were exchanged across 31,563 transactions. This represents a significant increase compared to the 386.6 million shares worth N11.26 billion traded across 21,842 deals on Friday, underscoring the strong return of investor confidence at the start of the week. Leading the activity chart in volume was Consolidated Hallmark Holdings with 210.5 million shares, followed by Fidelity Bank with 47.5 million shares.