Equities market open week flat as investors eye Q3 earnings

Trading on the Nigerian Exchange (NGX) opened the week on a quiet note on Monday as investors adopted a cautious stance ahead of third-quarter earnings releases.

The All-Share Index (ASI) inched up 0.04 per cent to 146,262.55 basis points, while market capitalisation rose slightly by N37 billion to N92.84 trillion, as mild gains in industrial and insurance stocks offset losses in banking and consumer goods counters.

The session saw 624.6 million shares traded across 31,531 deals, reflecting steady participation but subdued risk appetite.

Financial stocks led market turnover, driven by heavy trades in Fidelity Bank, Guaranty Trust Holding Company (GTCO), United Bank for Africa (UBA), and Zenith Bank.

Fidelity dipped 1.23 percent to N20.05, while GTCO fell 1.05 percent to N94.00. Sterling Holdings advanced 1.99 percent to ₦n7.70, and UBA edged up 0.12 per cent to N42.80.

Insurance players showed mixed sentiment as  Sovereign Trust Insurance and Regency Assurance rallied 9.97 percent and 9.68 percent, respectively, even as AIICO Insurance shed 1.75 percent .

Buying interest in industrial majors helped steady the market, with Dangote Cement rising by 1.74 per cent to N585.00, to extend gains from last week, while Lafarge Africa dipped 0.73 per cent to N129.00. BUA Cement closed flat at N159.00.

Consumer stocks were broadly mixed. Nigerian Breweries gained 1.86 percent to N79.45, and Union Dicon Salt jumped 10 percent but Honeywell Flour Mills slipped 1.09 percent.

The oil and gas index was flat as Seplat Energy, TotalEnergies, and Oando closed largely unchanged.

In utilities, Transcorp Power surged 8.92 percent to N342.00, lifting sectoral sentiment, while Geregu Power held firm at N1,141.50.

Analysts expect the market to trade sideways in the short term as investors position ahead of corporate earnings and dividend guidance.

Renewed interest in cement and banking stocks, coupled with steady institutional demand, is expected to cushion volatility through the week.