Equity Market Commence Week With N324bn Gain, a 0.58% Increase

Nigerian equities yesterday opened the week on a positive note, extending gains from the previous session as the overall capitalization closed N324 billion stronger.

The All-Share Index rose by 572.57 per cent, representing a gain of 0.58 per cent, to close at 99,793.71 points. Similarly, the overall market capitalisation value gained N324 billion to close at N56.452 trillion.
The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Seplat Energy, TotalEnergies Marketing Nigeria, Julius Berger, Transcorp Hotel and Flour Mills of Nigeria.

In the week ahead, Futureview Financial Services said “we anticipate a mixed sentiment in the equities market, primarily due to the enduring allure of the fixed income market among investors.
“This interest is fueled by expectations of increased rates in the NTB auction and the impending release of the inflation rate. However, amidst these factors, there remains an opportunity for sustainable growth, particularly in fundamentally strong stocks that currently find themselves in the oversold region. We foresee a selective pursuit of bargains, particularly in dividend-paying stocks, driven by the nearing corporate qualification and payment.”

Market breadth also closed positive, as 30 stocks gained relative to 10 losers. Flour Mills recorded the highest price gain of 10 per cent to close at N41.80, per share. TotalEnergies Marketing Nigeria followed with a gain of 9.98 per cent to close at N353.60, while Access Holdings up by 9.86 per cent to close at N18.95, per share.

Chams Holding Company appreciated by 9.74 per cent to close at N1.69, while Veritas Kapital Assurance gained 9.52 per cent to close at 69 kobo, per share.

On the other hand, eTranzact International led the losers’ chart by 9.90 per cent to close at N4.55, while DAAR Communications followed with a decline of 9.52 per cent to close at 57 kobo, per share.