The domestic stock market started the week with a positive trajectory, recording a gain of N75 billion, primarily driven by investor interest in MTN Nigeria Communications (MTNN) Plc and 24 other stocks.
This led to a rise of 0.21% in the All-Share Index, representing a significant increase of 138.63 points, culminating in a closing value of 65,336.71 points. Furthermore, the overall market capitalization saw an uptick of N75 billion, settling at N35.555 trillion.
The positive performance was fueled by the upward movement of prices in large and medium capitalization stocks, particularly MTNN, Nigerian Enamelware, BUA Foods, GlaxoSmithKline Consumer Nigeria, and Cadbury Nigeria.
United Capital Plc anticipates the bullish sentiment to persist in the equities market due to its appeal in contrast to the subdued rates within the fixed-income market. Additionally, the positive market sentiment tied to new policy directions and Nigeria’s improved S&P outlook from ‘negative’ to ‘stable’ is expected to sustain the ongoing market rally.
Market breadth remained balanced with 25 gainers and 25 losers. Nigerian Enamelware achieved the highest price gain of 9.86%, closing at N19.50 per share. Wema Bank followed with a 9.77% gain, closing at N4.72, while University Press saw a rise of 9.73%, closing at N2.48 per share.
Conversely, Omatek Ventures led the decliners with an 8.82% drop, closing at 31 kobo per share. Prestige Assurance came next with a 7.84% decline to close at 47 kobo, while McNichols recorded a 7.35% loss, closing at 63 kobo per share.
Trading volume decreased by 7.9% to 334.33 million units, valued at N3.89 billion, executed across 6,940 deals. Sterling Financial Holdings Company dominated the activity chart with 55.141 million shares worth N197.266 million. FCMB Group followed with 28.249 million shares worth N173.844 million, and Fidelity Bank traded 18.842 million shares valued at N150.847 million.
Japaul Gold & Ventures accounted for 17.356 million shares valued at N17.019 million, while Access Holding transacted 17.101 million shares worth N296.636 million.
