The Nigerian Exchange Limited (NGX) opened the week on an optimistic note, with investors gaining N52 billion as key performance indices saw a slight rise on Monday. The market capitalization increased by 0.08 percent to N66.769 trillion, while the All-Share Index also climbed by 0.08 percent to close at 106,621.91 points.
Despite cautious trading, gains in banking and consumer goods stocks, notably First City Monument Bank, Access Corporation, and Dangote Sugar, drove the positive performance. The market breadth closed positive, with 32 gainers and 27 losers.
Eterna and Transnational Corporation led the gainers, each surging by nearly 10 percent. Conversely, VFD Group and International Energy Insurance saw the steepest declines.
Trading activity increased compared to the previous session, with Fidelity Bank shares leading in volume. Access Corporation and Zenith Bank also saw significant trading activity.
Analysts at Vetiva Securities noted that investor sentiment remained cautious due to persisting pressures from high fixed-income yields. They anticipate a mixed trading session ahead, with selective buying and profit-taking, and suggested that significant economic catalysts would be needed to sustain bullish momentum.
Credit: NAN (Text Excluding Headline)
