The Nigerian Exchange Ltd., NGX, opened the week on a positive note, with market capitalisation rising by N79 billion or 0.14 percent to close at N56.536 trillion, up from its opening value of N56.457 trillion.
Similarly, the All-Share Index gained 139 points, or 0.14 percent, closing at 98,386.60 points compared to 98,247.99 points on Friday. This pushed the Year-to-Date, YTD, return to 31.58 percent.
The market’s upward performance was driven by strong investor activity in the stocks of FBN Holdings, United Bank for Africa, UBA, Fidelity Bank, Nigerian Breweries, and Transnational Corporation, among other rising equities.
Market breadth remained positive, with 32 stocks advancing while 20 declined.
Leading the gainers’ chart were FCMB and McNichols, both rising by 10 percent to close at N8.89 and N1.87 per share, respectively. Fidelity Bank followed with a 9.93 percent increase, closing at N14.95, while Tantalizers added 9.84 percent to close at 67 kobo. Flour Mills saw a 9.81 percent gain, closing at N55.40 per share.
On the downside, Berger Paints led the losers, falling 9.83 percent to close at N21.10. Daar Communications trailed with a 9.33 percent drop, closing at 68 kobo. Deap Capital Management and Trust Plc lost 9.09 percent to close at 90 kobo, while Secure Electronic Technology Plc dropped 7.46 percent, closing at 62 kobo per share. Honeywell Flour also declined, losing 5.12 percent to close at N4.63 per share.
Market activity saw a decline in turnover, with transaction value down by 18.06 percent compared to the previous session. A total of 810.43 million shares worth N8.29 billion were traded in 10,669 deals, a drop from the 554.22 million shares worth N10.12 billion traded in 8,670 deals during the prior session.
Mecure led the activity chart in both volume and value, trading 400.08 million shares worth N2.78 billion.
Analysts at Cowry Asset Management Ltd. predicted continued bullish sentiment for the week, driven by portfolio rebalancing and strategic investments in value-driven stocks. They noted that the recent drop in inflation, coupled with favorable quarter-end activities, could sustain investor optimism, presenting opportunities for those seeking solid, long-term investments.
“However, we advise caution as market volatility remains a key factor.
“Investors should maintain a focus on quality stocks with strong growth prospects to navigate potential swings effectively,”they said.
Recall that rhe Nigerian Exchange Limited, NGX, revealed that N540.48 billion worth of foreign transactions were recorded between January and June 2024.
NGX made this known in its report on Wednesday titled, ‘Domestic & Foreign Portfolio Investment’
The firm disclosed that Nigeria’s foreign transactions increased compared to N145.08 billion reported in the first half (H1) of 2023, adding that foreign investment inflow accounted for N229.07 billion in H1 2024, against N72.02 billion reported in the same period last year.