Nigerian Stock Market Edges Upwards with Trancorp Hotels Leading Gainers

The Nigerian stock market, represented by the Nigerian Exchange Limited (NGX), experienced a slight uptick of 0.02% on Monday following a positive performance of Transcorp Hotels Plc and several others.

The All-Share Index (ASI) rose by 15.68 basis points to close at 72,404.91 basis points while the market capitalization increased by N8 billion to settle at N39.621 trillion.

Infinity Trust Mortgage Bank led gainers with a 9.93% gain as more investors seemed to prefer the company in the last week before Christmas. This was trailed by John Holt and Transcorp Hotels with a 9.38% gain each.

Fidelity Bank and United Bank for Africa added 2.65% and 0.41%, respectively to the market’s upward trend.

Despite the overall positive sentiment, market breadth closed negative as 18 stocks advanced while 33 declined.

On the other hand, Associated Bus Company led the decliners with a 9.89% decrease followed by eTranzact International and R.T. Briscoe Nigeria.

The total volume traded advanced by 5.6% to 324.25 million units valued at N4.40 billion and exchanged in 6,745 deals.

The shares of Mutual Benefits Assurance dominated the activity chart.

Looking ahead to the rest of the week, United Capital anticipates continued strong investor sentiment, particularly in the banking sector.

The impressive performance across all banks and the anticipation of full-year 2023 earnings season are expected to drive continued interest.

However, the analysts caution against potential profit-taking activities following the market’s recent highs.