The Nigerian equity market kicked off the trading week on a positive trajectory as gains recorded by bluechip stocks drove a market capitalisation to N38 billion gain on Monday.
The market capitalisation of listed equities rose to N63.203 trillion, representing a 0.06% increase from the N63.165 trillion recorded last Friday.
Similarly, the All-Share Index (ASI) appreciated by 61.91 basis points to close at 103,648.24 points, up from 103,586.33 points in the previous trading session.
The market’s uptrend was largely attributed to gains in medium and large-cap stocks like Cadbury, Wema Bank, FBN Holdings, John Holt, Multiverse, Honeywell Flour Mills, Custodian and Allied Insurance, NCR, and First City Monument Bank.
On the price movement chart, 50 stocks appreciated while 21 declined. Wema Bank and Daar Communications led the gainers’ chart as each recorded a 10% increase to close at N11 and 77 kobo, respectively.
Honeywell Flour Mills followed with a gain of 9.99% to close at N8.37 while Wapic Insurance and Lasaco Insurance appreciated by 9.96% and 9.95% to close at N2.98 and N4.09, respectively.
Conversely, Cutix Plc led the losers’ chart, declining by 5.45% to close at N2.60. Caverton Business Solutions and Jaiz Bank also posted losses of 5.36% and 5.23%, closing at N2.65 and N3.08, respectively.
Champion Breweries dropped by 4.53% to N4 while Ikeja Hotel fell by 4.26% to close at N12.35.
During the trading session, investors exchanged 855.965 million shares worth N13.2 billion in 16,505 deals, a 20.68% increase in volume compared to the 709.279 million shares valued at N8.2 billion traded in 13,593 deals during the previous session.
Chams Plc led the activity chart, trading 80.764 million shares valued at N191.5 million. Veritas Kapital followed with 60.485 million shares worth N10.6 million while AccessCorp recorded 54.330 million shares valued at N1.3 billion.
GTCO Plc and Prestige Assurance did well, exchanging 53.961 million shares worth N3 billion and 48.9 million shares worth N75.9 million, respectively.
Commenting on the market’s performance, Chief Research Officer of Investdata Consulting Limited, Ambrose Omordion, said “The Nigerian stock market displayed positive growth during the week, with significant increases in both the NGX All-Share Index and market capitalization.”
He further stated that investors would closely monitor developments in the local economy and key industries as the market progresses into the new year.
Analysts remain optimistic that the equity market will maintain its upward momentum as positive sentiment around bluechip stocks and improved trading volumes continue to drive growth.
