 continued its bullish performance with investors gain N307 billion in market value.){kind=link}
The Nigerian Exchange Limited (NGX) continued its impressive bullish performance on Monday, with investors gaining N307 billion in market value, reflecting an optimistic outlook and heightened investor confidence in the stock market. This surge marked a significant uptick, with the market capitalization rising to N56.52 trillion from N56.21 trillion recorded at the end of the previous trading session, an increase of 0.55 percent.
The All-Share Index (ASI) also saw a notable climb, advancing by 549.94 points to close at 100,299.48 points, up from 99,749.54 points recorded on Friday. This movement signifies the sustained growth in the market and underscores the optimism among investors, despite global economic uncertainties.
Several stocks played a pivotal role in driving the bullish sentiment, with strong performances across key sectors. MEYER Plc emerged as the highest gainer, rising by 10 percent to close at N8.80 per share. UPDC Real Estate Investment Trust (REIT) followed closely, appreciating by 10 percent, closing at N6.60. Other notable gainers included Beta Glass, which increased by 9.98 percent to close at N146.05, and Vitafoam, which gained 9.94 percent, ending the day at N55.85 per share.
The positive momentum also saw Skyway Aviation Handling Company soar by 9.92 percent to close at N55.40, making it one of the day’s top performers.
Despite the overall positive performance, some stocks recorded losses. DEAP Capital led the decliners with a 10 percent drop, closing at N1.08. Veritas Kapital and Linkage Assurance also experienced declines of 9.09 percent and 6.61 percent, respectively, while Africa Prudential and UPDC recorded losses of 5.60 percent and 4.46 percent, respectively.
In terms of market activity, a total of 542.96 million shares valued at N10.58 billion were exchanged across 8,298 deals. This represents a notable increase from the previous day’s trading, which saw 367.57 million shares worth N7.44 billion traded in 7,427 deals. The improved activity signals growing investor interest and confidence in the market.
Key sectoral indices also posted solid gains, with the Top 30 Index rising by 0.55 percent. Over the past week, the index recorded a gain of 2.39 percent and has risen by 5.58 percent year-to-date (YTD). The Banking Index led sectoral advances, rising by 2.12 percent on the day, despite experiencing a slight decline of 0.92 percent over the past week. The Banking Index has shown a 5.91 percent increase so far this year.
The Consumer Goods Index also performed strongly, appreciating by 2.11 percent on the day. This has pushed its weekly gain to 6.91 percent and its YTD growth to an impressive 26.29 percent. The Pension Index climbed by 1.08 percent, with weekly and YTD gains of 3.48 percent and 13.25 percent, respectively.
Further sectoral growth was seen in the Main Board Index, which rose by 0.74 percent, and the Premium Index, which gained 0.31 percent. These movements reflect the overall upward trajectory of the market, suggesting a broad-based rally across multiple sectors.
The sustained bullish momentum is a testament to the improving sentiment in the market, which can be attributed to several factors, including increased demand for key stocks, strong earnings reports, and investor optimism about Nigeria’s economic recovery. With the strong performances in sectors such as banking, consumer goods, and real estate, market participants are optimistic that the trend will continue, provided global and domestic economic conditions remain favorable.
In conclusion, the Nigerian stock market remains on an upward trajectory, with N307 billion in market value added on Monday alone. As investor confidence continues to rise, the market is expected to maintain its bullish momentum in the short term, with continued interest in blue-chip stocks and key sectors. Investors are advised to monitor the market closely for potential opportunities and risks, particularly in light of global economic trends and local policy changes.