Economy
THE Nigerian stock market, on Monday, opened the week positive with a gain of N987 billion or 0.99 per cent.
Investors’ interest in MTN Nigeria, BUA Foods, FBN Holdings, among other advanced equities, were the primary drivers of the overall market’s upward performance.
Notably, the market capitalisation added N987 billion or 0.99 per cent to an opening of N61.912 trillion, to close at N62.899 trillion.
The All-Share Index, which opened at 102,133.30, also advanced by 0.99 per cent or 1,016 points to settle at 103,149.35.
As a result, the Year-To-Date (YTD) return rose to 37.95 per cent.
Market breadth also closed positive with 38 gainers and 22 losers.
On the gainers’ table, Neimeth International Pharmaceutical, Prestige Assurance Company and Mecure Industries Plc, led the gainers’ table by 10 per cent each to close at N2.09, N1.10 and N12.65 per share, respectively.
Lasaco Assurance gained 9.96 per cent to close at N3.09, while Living Trust rose by 9.92 per cent to close at N3.99 per share.
Conversely, PZ led the losers’ table by 10 per cent to close at N2.90, Vitafoam trailed by 9.62 per cent to close at N21.60, while NGX Group dropped 9.17 per cent to close at N27.25 per share.
Ikeja Hotel also shed 7.41 per cent to close at N11.25, while Eterna declined by 5.26 per cent to close at N27 per share.
However, analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 11.39 per cent.
A total of 641.12 million shares valued at N15.50 billion were exchanged in 13,778 deals, compared with 451.73 million shares valued at N17.49 billion traded in 12,551 deals, posted on Friday.
Meanwhile, Universal Insurance led the activity table in volume, with 71.51 million shares, while Guaranty Trust Holding Company(GTCO) led in deals worth N3.11 billion.
In its market’s prediction for the week, Analysts at Cowry Asset Management Ltd., said the Nigerian equities market is expected to maintain its upward trajectory.
Analysts said this was as investors continued to position themselves in fundamentally strong stocks with significant growth potential.
They noted that year-end window-dressing activities and preparations for the new trading year were anticipated to provide additional support to market momentum.
“With favourable market internals and attractive valuations, the domestic equities market appears well-positioned for further growth in the coming weeks,” the analysts said. (NAN)
31st December, 2024.
C.E.
Tags: Nigerian stock market
