The Nigerian stock market began the week on a strong note, adding N795 billion to investors’ portfolios. This surge was driven by the listing of 4.706 billion ordinary shares of Guaranty Trust Holding Company Plc (GTCO) at N44.50 per share.
Following this development, the market capitalisation climbed from N63.645 trillion to N64.440 trillion. Similarly, the All-Share Index increased by 0.79 per cent to close at 104,418.95, compared to 103,598.46 recorded on Friday. As a result, the Year-To-Date (YTD) return improved to 1.45 per cent.
Market breadth remained positive, with 39 gainers and 30 losers. Beta Glass topped the gainers’ chart, appreciating by 9.98 per cent to close at N65. It was followed by RT Briscoe, which rose 9.92 per cent to N2.77, Access Corporation with a 9.88 per cent increase to N27.80, Chellarams Plc up by 9.83 per cent to N4.47, and Sky Aviation, which gained 9.80 per cent to N35.40 per share.
On the other hand, MRS led the decliners with a 10 per cent drop to N180.90. Transcorp Hotel followed, losing 9.97 per cent to close at N114.65, while Eunisell, John Holt, and Caverton also posted losses of 9.95 per cent, 9.64 per cent, and 9.40 per cent, respectively.
Trading activity on the Nigerian Exchange (NGX) was robust, with transaction value rising by 54.72 per cent. A total of 518.28 million shares valued at N13.3 billion were traded across 17,196 deals, compared to the previous session’s 569.63 million shares worth N8.6 billion in 11,282 deals. Access Corporation led the activity chart by volume, trading 51 million shares across 1,053 deals, while Zenith Bank topped by value with deals worth N1.7 billion.
Analysts from Cowry Asset Management Ltd. had earlier projected sustained positive sentiment in the market. They attributed this to strong corporate earnings, anticipated corporate actions, and opportunities created by low stock valuations. However, they warned of potential market volatility as earnings season progresses, influenced by mixed macroeconomic data and upcoming economic events.
Credit: NAN (Text Excluding Headline)
