The Nigerian stock market kicked off the week on a positive trajectory as the Nigerian Exchange (NGX) recorded a gain of N36 billion on Monday.
This surge was largely driven by strong performances from key players like Eterna Plc, Okomu Oil Palm, and Oando, which led the market’s rally.
The NGX All-Share Index rose by 0.07%, closing at 96,037.28 points, while the market capitalization increased to N55.2 trillion. This positive trend boosted the year-to-date return to an impressive 28.35%.
The day’s trading session saw participation from 122 listed equities, with 28 stocks advancing and 18 declining.
Eterna Plc emerged as the top gainer of the day, appreciating by 10% to close at N23.10 per share.
Okomu Oil Palm followed closely with a 9.99% increase, pushing its share price to N379.80. RT Briscoe also gained 9.96%, closing at N2.98, while Oando saw a 9.93% jump, closing the day at N52.60.
On the flip side, Transcorp Power recorded the largest decline of the session, dropping 9.99% to close at N335.20 per share.
Abbey Mortgage Bank also saw a significant drop of 9.69%, closing at N2.33, while United Capital and University Press lost 8.35% and 5.51%, closing at N18.1 and N2.40, respectively.
Despite a 16% decline in turnover compared to the previous trading day, market activity remained robust with 390.51 million shares traded across 9,242 deals, valued at N3.88 billion.
This represented a 19% increase in trading volume and a 26% rise in the number of deals, indicating sustained investor interest.
Veritas Kapital Assurance led in terms of trading volume, with 67.3 million shares exchanged, followed by Japaul Gold and Ventures (23.9 million shares), FCMB Group (20.5 million shares), and Prestige Assurance Company (20.2 million shares).
This week’s positive start follows a challenging previous week for the NGX, which saw the market suffer an N815 billion loss amid bearish trading sessions on Monday and Thursday.
However, the renewed interest in equities appears to have reversed the trend, restoring optimism among investors.
As the recapitalization push in the banking sector continues to stir up market activity, analysts expect further gains in the coming sessions.
Banks like Fidelity, GTCO, and Access Holdings have already completed their capital-raising programs, while others like FCMB Group and Zenith Bank are still in the process of share sales, which is expected to sustain the momentum in the equity market.
With a favorable economic outlook for Nigeria and strong corporate performances, market watchers are optimistic that the Nigerian Exchange will continue its upward trend, offering investors new opportunities in the weeks ahead.
