The Nigerian Exchange Limited (NGX) rebounded on Monday as the All Share Index (ASI) rose by 0.30%, closing at 99,966.28 points.
This positive development came after a five-day streak of negative closes, bringing renewed optimism to the market.
Investors saw N168 billion gains with stock market capitalization increasing from the previous low of N56.440 trillion to N56.608 trillion.
Among the standout performers were stocks such as Ikeja Hotel, Cutix, RedStar Express, and Sunu Assurances.
Ikeja Hotel saw its stock price rise from N6.35 to N6.95, adding 60 kobo or 9.45%. Cutix experienced an impressive increase from N4.62 to N5.08, gaining 46 kobo or 9.96%.
RedStar Express moved up from N4.05 to N4.38, an increase of 33 kobo or 8.15%, while Sunu Assurances rose from N1.19 to N1.29, adding 10 kobo or 8.40%.
The market’s positive return year-to-date (YtD) increased to 33.70%, though there has been a slight decrease of 0.09% in the month-to-date performance.
Despite this, the overall sentiment remains optimistic, with investors hoping for continued positive momentum.
GTCO, Access Holdings, FCMB Group, Japaul Gold, and UACN were among the most actively traded stocks.
A total of 362.42 million shares worth N7.367 billion were exchanged in 8,405 deals, showcasing robust trading activity and investor interest.
Market analysts attribute the rebound to renewed investor confidence and positive sentiments surrounding key stocks.
“The significant gains in major stocks like Ikeja Hotel and Cutix have boosted investor morale, leading to a broader market recovery,” said a market analyst.
The Nigerian stock market’s recovery comes amid a challenging economic environment, with investors closely monitoring developments both locally and globally.
The positive performance of the NGX ASI on Monday serves as a beacon of hope for market participants, indicating potential stability and growth in the coming weeks.
As the market continues to respond to economic indicators and corporate earnings reports, investors will be keenly watching for sustained positive trends and opportunities for profitable investments.
The NGX’s performance on Monday sets a promising tone for the rest of the week, with market participants eagerly anticipating further gains and stability in the Nigerian stock market.
