The Nigerian stock market started the week on a positive note, recording a N52 billion gain despite cautious investor sentiment. Key performance indicators edged up by 0.08 per cent on Monday, driven by gains in select banking and consumer goods stocks.
The market capitalisation of the Nigerian Exchange Limited (NGX) rose to N66.769 trillion, up from N66.717 trillion recorded at the close of the previous trading session on Friday. Similarly, the All-Share Index (ASI) increased by 83 points to settle at 106,621.91, compared to 106,538.72 in the previous session.
The market’s upward movement was supported by notable gains in stocks such as First City Monument Bank (FCMB), Access Corporation, and Dangote Sugar. Overall market sentiment remained positive, with 32 advancing stocks outnumbering 27 decliners.
Top Gainers and Losers
Eterna Plc led the gainers’ chart, surging by 9.96 per cent to close at N37.55 per share. Transnational Corporation followed closely, rising by 9.91 per cent to N51.55 per share. FCMB gained 9.89 per cent to close at N10 per share, while Africa Prudential advanced by 9.85 per cent to settle at N36.25 per share. ABC Transport also climbed by 8.67 per cent, reaching N1.63 per share.
On the flip side, VFD Group recorded the steepest decline, shedding 9.92 per cent to close at N47.20 per share. International Energy Insurance dropped by 8.72 per cent to N1.78 per share, while Cadbury Nigeria lost 8 per cent to settle at N23 per share. Cornerstone Insurance and Honeywell Flour Mill also declined by 7.89 per cent and 7.06 per cent, closing at N2.92 and N12.50 per share, respectively.
Market Activity
Total market turnover improved, with 364.97 million shares valued at N17.628 billion exchanged in 14,565 transactions. This represents an increase from Friday’s trading session, where 349.18 million shares worth N9.74 billion were traded across 11,911 deals.
Fidelity Bank led the activity chart, trading 56.4 million shares worth N970.85 million. Access Corporation followed with 30.42 million shares valued at N725.48 million, while Zenith Bank recorded 27.64 million shares worth N1.33 billion. Africa Prudential and United Bank for Africa also featured prominently, trading 23.32 million and 13.1 million shares worth N834.19 million and N495.98 million, respectively.
Analysts’ Outlook
Analysts at Vetiva Securities Ltd. noted that despite the market’s modest gains, investor sentiment remains cautious due to high fixed-income yields. They observed that while investors are selectively engaging in fundamentally sound equities, sustained bullish momentum appears unlikely without significant economic catalysts. As a result, the market is expected to experience mixed trading sessions in the coming days, with selective buying offset by profit-taking activities.