By Milcah Tanimu
The Nigerian Exchange Ltd. (NGX) opened the week on a bullish note, adding N84 billion to investors’ portfolios on Monday. The market capitalization rose from N58.920 trillion to N59.004 trillion, marking a 0.14% increase. Similarly, the All-Share Index climbed by 138.1 points to close at 97,374.25, pushing the year-to-date return to 30.23%.
Driving the market’s positive performance were strong demands for Aradel, Flourmill, and AXA Mansard stocks. Despite this, the market breadth leaned negative, with 27 stocks declining and 24 gaining. United Capital led the list of losers with a 9.78% drop, closing at N16.15 per share, while Eunisell Ltd. topped the gainers, rising 10% to close at N9.02 per share.
Trading activity saw a decrease compared to the previous session, with 297.83 million shares worth N7.52 billion exchanged in 9,902 deals—a decline of 20.21% in transaction value from the previous session. Sterling Nigeria led the volume chart with 36.13 million shares, and UBA led the value chart with N1.04 billion in deals.
Analysts at Cowry Asset Management Ltd. forecast mixed sentiment for the week, with potential for a near-term rebound amidst portfolio rebalancing. They noted that the October Consumer Price Index release could impact sentiment, advising investors to focus on solid stocks while monitoring economic trends.
