Investors gain N851bn as local stock market opens week bullish

At the close of trading on the first day of the week, the domestic equities market index recorded a gain of 2.48 per cent, largely driven by investor interest in Dangote Cement shares.

The All Share Index (ASI) of the Nigerian Exchange Limited (NGX) closed at 64,603.69 basis points, marking the highest point since March 17, 2008. Dangote Cement’s share value appreciated by 10.0 per cent as a result of its share buyback program. As a result, the year-to-date (YTD) return increased to 26.05 per cent on Monday.

Investors in equities, therefore, earned a cumulative amount of N850.97 billion as the market capitalization settled at N35.18 trillion at the end of the trading day.

In addition to Dangote Cement, several mid- and large-cap stocks, including MRS, Conoil, Eterna, FBN Holdings, Transnational Corporation, United Bank for Africa, and MTN Nigeria Communication, experienced an increase in their respective share prices, rising by 10.00 per cent, 9.97 per cent, 9.86 per cent, 9.85 per cent, 8.96 per cent, 4.93 per cent, and 1.82 per cent.

Sector performance was positive, with four out of the five indices tracked closing in the green zone. The NGX Banking, NGX Insurance, NGX Oil/Gas, and NGX Industrial indices rose by 1.73 per cent, 4.18 per cent, 2.61 per cent, and 5.13 per cent, respectively. On the other hand, the NGX Consumer Goods index fell by 0.18 per cent due to sell-offs in the brewery and FMCG stocks.

The market activity showed improvement, with total deals, volume, and value increasing by 40.33 per cent, 49.80 per cent, and 59.11 per cent, respectively. There were 10,393 trades, with a total volume of 1.84 billion units and a value of N22.03 billion.

FBN Holdings emerged as the most actively traded stock, with 198.22 million shares worth N4.42 billion changing hands in 425 deals.

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