Investors in the Nigerian equity market had a robust start to the week as the local bourse opened on a positive note on Monday.
The market capitalization and the All-Share Index both experienced a significant uptick, appreciating by 0.97 percent to N36.865 trillion and 67,101.33 basis points, respectively.
This surge in market performance can be attributed to recent listings that boosted investor confidence.
Chapel Hill Denham Management Limited’s Nigerian Infrastructure Debt Fund and VFD Group’s ordinary shares listing on the NGX’s Main Board contributed to this momentum.
Despite the positive sentiment, trading activity was mixed as the deals performed improved by 1.30 percent while trade volume and value dipped by 28.18 percent and 61.23 percent, respectively, amounting to 268.66 million shares traded at N3.46 billion.
Analysts expect a week of mixed sentiments in the market as investors engage in bargain-hunting and adjust their portfolios ahead of Q3 corporate earnings reports.
The impending monetary policy meeting of the Central Bank of Nigeria also looms large in investors’ considerations.
Market sentiments were generally positive, with 26 gainers outnumbering 23 losers. BUA Cement topped the gainers’ chart with a 10 per cent increase, followed by Nigerian Breweries, Dangote Sugar, Oando, and Transcorp, which all posted gains.
Conversely, Prestige Assurance, NGX Group, Unity Bank, and Jaiz Bank faced losses. Jaiz Bank is currently seeking to raise N5.41 billion through a Rights Issue, further demonstrating the dynamic nature of Nigeria’s equity market.
