The Nigerian stock market opened the week on a positive note on Monday, recording a N2.324 trillion increase in investors’ wealth amid renewed buying interest in 28 equities.
The market capitalisation rose by N2.324 trillion, representing a 1.44 per cent increase, from N161.593 trillion recorded on Friday to N163.917 trillion at the close of trading on Monday.
Similarly, the All-Share Index (ASI) advanced by 3,579.52 points, representing a 1.42 per cent gain, to close at 252,456.74, compared with 248,877.22 recorded in the previous session.
The positive performance was driven by renewed investor interest in AXA Mansard Insurance, Sovereign Trust Insurance, Dangote Cement, Oando, Fidelity Bank and 23 other equities.
Consequently, the market’s Year-to-Date return improved to 62.23 per cent.
However, market breadth closed negatively, with 28 stocks recording losses against 21 gainers.
Thomas Wyatt led the losers’ chart with a 9.62 per cent decline to close at N2.35 per share, followed by University Press, which shed 8.70 per cent to settle at N4.20.
Fortis Global Insurance lost 7.38 per cent to close at N1.38, while The Initiates declined by 6.88 per cent to N25.05. Zichis Agro Allied Industries also dropped by 5.59 per cent to close at N16.05 per share.
On the gainers’ chart, AXA Mansard led with a 9.75 per cent increase to close at N12.95, while Sovereign Trust Insurance followed with a 9.74 per cent gain to settle at N2.14.
Dangote Cement appreciated by 9.61 per cent to close at N1,469.90, while Oando gained 8.46 per cent to N35.90. Fidelity Bank also advanced by 6.85 per cent to close at N24.95 per share.
Trading activity strengthened during the session, as total volume increased by 20.03 per cent to 453.31 million shares, valued at N30.55 billion, exchanged in 42,891 deals.
CHAMS led the volume chart with 72.61 million shares, accounting for 16.02 per cent of the total shares traded.
Meanwhile, Seplat Energy dominated the value chart with transactions worth N5.20 billion, representing 17.01 per cent of the total market value for the session.
