The Nigerian equities market kicked off the week on a bullish note, with a gain of N59 billion on renewed positive sentiment in Dangote Sugar Refinery (DSR) and 42 other stocks.

The all-share index (ASI) gained by 94.27 points, representing a growth of 0.07 per cent to close at 144,722.47 points. Also, market capitalisation appreciated by N59 billion to close at N91.561 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are Dangote Sugar Refinery, Unilever Nigeria, Custodian Investment, Cadbury Nigeria and Eunisell Interlinked.

This week, Coronation Capital stated: “We anticipate a mixed performance in the equities market. Profit-taking is likely to persist in stocks that have recorded substantial year-to-date gains, while renewed bargain hunting interest should continue to provide support for the insurance and banking sectors.”

Vetiva Dealings and Brokerage said: “Risk-off bias in banks should linger as investors stay sidelined ahead of H1’25 results, while softness in large caps threatens a green close.

“We expect the positive tone in consumer goods to persist, but remain wary of fading momentum in insurance despite today’s +5.26 per cent sector gain. Overall, look for a cautious, two-way market tomorrow (today).

Market sentiments closed positive, as evidenced by 43 stocks appreciating compared to 27 that depreciated. AIICO Insurance and UPDC recorded the highest price gain of 10 per cent each to close at N4.18 kobo and N7.15 kobo respectively, while Cornerstone Insurance followed with a gain of 9.99 per cent to close at N7.60 kobo.

DEAP Capital Management & Trust increased by 9.94 per cent to close at N1.77 kobo, while Custodian Investment up by 9.93 per cent to close at N40.95 kobo.

On the other hand, Stanbic IBTC Holdings led the losers’ chart by 9.99 per cent to close at N100. PZ Cussons Nigeria followed with a decline of 7.89 per cent to close at N35 while NEM Insurance declined by 7.85 per cent to close at N29.95 kobo.

Chams Holding Company depreciated by 5.26 per cent to close at N2.70 kobo while The Initiates Plc (TIP) declined by 5.11 per cent to close at N13.

Meanwhile, the total volume traded declined by 16.56 per cent to 1.147 billion units, valued at N16.174 billion, and exchanged in 38,160 deals. Transactions in the shares of Universal Insurance topped the activity chart with 202.248 million shares valued at N265.823 million.

Champion Breweries followed with 103.23 million shares worth N1.159 billion, while Linkage Assurance traded 77.898 million shares valued at N206.548 million.

Lasaco Assurance traded 66.42 million shares valued at N263.822 million, while Mutual Benefits Assurance sold 57.812 million shares worth N244.48 million.