Stock market bullish on Monday, gains N84 billion
The Nigerian Exchange Ltd. (NGX) opened on Monday, opening the week positively, with an N84 billion profit added to investors’ portfolios.
Specifically, the market capitalisation opened at N58.920 trillion and gained N84 billion or 0.14 per cent to close at N59.004 trillion.
The All-Share Index also gained 0.14 per cent or 138.1 points, to close at 97,374.25, against 97,236.19 recorded on Friday.
Consequently, the year-to-date return increased to 30.23 per cent.
Demands for Aradel, Flourmill, and AXA Mansard drove the market’s positive performance.
However, market breadth closed negative, with 27 losers and 24 gainers.
United Capital led 26 other declined equities on the losers’ table by 9.78 per cent to close at N16.15 per share.
Also, Eunisell Ltd. led 23 other equities on the gainers’ table by 10 per cent to close at N9.02 per share.
Analysis of the market activities showed trade turnover settled lower when compared with the previous session, with the value of transactions down by 20.21 per cent.
A total of 297.83 million shares valued at N7.52 billion were exchanged in 9,902 deals, compared with 478.94 million shares valued at N9.42 billion traded in 9,015 deals posted in the previous session.
Meanwhile, Sterling Nigeria led the activity chart in volume with 36.13 million, while UBA led the value chart in deals worth N1.04 billion.
In its prediction for the week’s market performance, analysts at Cowry Asset Management Ltd. said mixed sentiment was expected to persist as portfolio rebalancing continues.
The analysts stated that despite the recent downturn, a near-term rebound was anticipated, adding that investor sentiment was expected to remain cautious.
They said, “The release of October’s Consumer Price Index figures by the National Bureau of Statistics could further weigh on market sentiment, with persistent inflationary pressures and potential currency volatility keeping investors on the edge.
“As a result, we advise investors to focus on fundamentally sound stocks while remaining mindful of broader economic conditions.”
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Economy
Dangote Refinery cuts petrol price by N25 per litre
The refinery announced the price adjustment on Tuesday.
Politics
CSOs reject Akpabio-led Senate’s conditional e-transmission of election results
“The conditional language ‘provided if it fails and it becomes impossible to transmit’ introduces troubling discretion in the results management process,” said the CSOs.
Sport
2027 African Schools Games: NSC inaugurates 28-member LOC
The committee was inaugurated on Tuesday at the Moshood Abiola National Stadium in Abuja by the NSC chairman, Shehu Dikko.
Abuja
Presidency, health ministry partner to prioritise women’s health
“There is a lack of knowledge on how to access and understand the services the government has provided,” said Ms Steinacker.
Rights
Stakeholders seek better welfare for magistrates in Kaduna, Kano, Katsina
The magistrates have been pushing for improved welfare packages, including judicial autonomy, official vehicles, higher salaries, and better working conditions.
States
16 ISWAP terrorists eliminated, 11 kidnapped victims rescued in Borno: Military
Troops of the Joint Task Force said they killed 16 ISWAP terrorists and rescued 11 kidnapped victims in a series of coordinated counter-offensives across Borno.
