The Nigerian Exchange Limited (NGX) yesterday reopened the festive week in an upbeat manner as the overall capitalisation advanced by N256 billion on sustained investors’ appetite for stocks with strong fundamentals, amid improving market confidence.
The All-Share Index rose by 401.69 per cent, representing a gain of 0.26 per cent, to close at 152,459.07 points. Similarly, the overall market capitalisation value gained N256 billion to close at N97.193 trillion.
The market’s positive performance was driven by price appreciation in large and medium capitalised stocks, which are Presco, MeCure Industries, BUA Cement, NASCON Allied Industries and Berger Paints.
On the market outlook for this week, Afrinvest Limited said: “The Nigerian equity market is likely to remain broadly positive this week, supported by easing inflation, improving macroeconomic sentiment, and continued investor appetite for fundamentally strong stocks.
“Gains may be driven by consumer goods, building materials, banking, and insurance stocks, as investors position for earnings resilience and inflation relief. However, intermittent profit-taking is expected after the strong year-to-date performance, which could moderate upside momentum.”
Market breadth was positive, with 34 gainers surpassing 19 losers. Aluminium Extrusion Industries recorded the highest price gain of 9.72 per cent to close at N13.55 per cent, while International Energy Insurance followed with a gain of 9.69 per cent to close at N2.49 kobo. MeCure Industries rose by 9.64 per cent to close at N60.30 kobo, Royal Exchange appreciated by 9.6 per cent to close at N1.94 kobo, while Austin Laz & Company rose by 9.5 per cent to close at N2.65 kobo.
On the other hand, ABC Transport and Custodian Investment led the losers’ chart by 10 per cent each to close at N3.15 kobo and N35.10 kobo respectively, while Prestige Assurance followed with a decline of 7.41 per cent to close at N1.50 kobo.
Guinea Insurance shed 7.38 per cent to close at N1.13, while Ellah Lakes lost 6.45 per cent to close at N13.05 kobo.
However, the total volume of trade declined by 70 per cent to 451.525 million units, valued at N13.031 billion, and exchanged in 33,327 deals. Transactions in the shares of Tantalizer topped the activity chart with 50.18 million shares valued at N127.472 million.
First HoldCo followed with 32.615 million shares worth N1.493 billion, while Access Holdings traded 27.316 million shares valued at N562.343 million.
Custodian Investment traded 22.097 million shares valued at N857.832 million, while Chams Holding Company transacted 21.317 million shares worth N71.141 million.
