Nigerian Exchange Kicks Off the Week with a Bullish Surge, Investors Pocket N70bn Gain

The Nigerian Exchange Limited (NGX) closed in the green on Monday as investors pocketed N70 billion.

The Exchange was bolstered by the robust performance of key market players, including AccessCorp, United Bank for Africa (UBA), and Zenith Bank, among others.

The All-Share Index (ASI) rose by 0.18% to close at 71,669.91 points while the market capitalization expanded to N39.218 trillion.

A total of 30 stocks closed in the green against 23 that closed in the red. Some of the gainers were SFS Real Estate Investment Trust and Ecobank with 9.98% and 9.88% to close at N101.35 per unit and N22.80, respectively.

On the flip side, RT Briscoe emerged as a top loser, shedding 9.68% to close at N0.56 per unit.

Other notable decliners included Secure Electronic Technology Plc, which lost 9.33% to close at N0.68, and NEM Insurance Plc, experiencing a dip of 9.32% to reach N0.55.

Banking stocks played a pivotal role in driving trade volume and value. AccessCorp led the charge, exchanging 30.36 million units of shares valued at N612 million in 504 deals.

Zenith Bank closely followed, with N446 million worth of shares traded in 356 deals. Guaranty Trust Bank (GTCO) witnessed a trade of 9.99 million units, amounting to N391 million, while UBA saw 12.87 million units worth N291.32 million exchanged in 419 deals.

Telecommunications giant MTN Nigeria also contributed to the active trading session, with 1.07 million units of its shares valued at N256 million traded in 279 deals.

The diverse mix of active stocks reflected the dynamic nature of investor choices during the trading day.

In summary, the robust start to the week on the NGX not only signals the resilience of the Nigerian capital market but also underscores the confidence investors continue to place in key players, fostering a positive outlook for the days ahead.