The Nigerian Exchange Limited witnessed a positive start to the week as the overall market capitalization rose by N8 billion.
The All-Share Index (ASI) also experienced a gain of 13.89 points, representing a growth of 0.02 percent, closing at 59,014.85 points. Additionally, the market capitalization increased by N8 billion, closing at N32.134 trillion.
The upturn was influenced by the performance of medium and large capitalized stocks, including Dangote Cement, Guaranty Trust Holding Company (GTCO), Zenith Bank, Stanbic IBTC Holdings, and Skyway Aviation Handling Company.
United Capital Plc commented on the market outlook for the week, stating, “We expect the bullish sentiments in the market to continue in the short term, driven by positive investor sentiment due to promising announcements and policy implementation by the new administration. However, we anticipate some profit-taking activities as investors seek to capitalize on the recent market rally.”
Market breadth reflected a positive sentiment with 44 stocks recording gains compared to 22 losers. Tantalizers and Universal Insurance were the top gainers, each increasing by 10 percent to close at 22 kobo per share. Unity Bank followed with a gain of 9.80 percent, closing at N1.12 per share.
Mutual Benefits Assurance rose by 9.76 percent to close at 45 kobo, while FTN Cocoa Processors appreciated by 9.63 percent, closing at N1.48 per share. On the other hand, Ellah Lakes topped the losers’ chart with a 10 percent decline, closing at N3.24, followed by John Holt with a decline of 9.57 percent, closing at N1.04 per share.
Academy Press depreciated by 9.55 percent, closing at N1.80, while Omatek Ventures and Regency Alliance Insurance both declined by 7.14 percent, closing at 26 kobo and 39 kobo respectively, per share.
The total volume traded increased by 43.47 percent to 892.956 million units, valued at N11.147 billion, exchanged in 9,274 deals. Jaiz Bank recorded the highest activity with 139.891 million shares valued at N244.317 million. Sterling Financial Holdings Company followed with 105.543 million shares worth N311.106 million, while Universal Insurance traded 95.116 million shares valued at N19.253 million.
Guaranty Trust Holding Company (GTCO) traded 83.801 million shares valued at N2.650 billion, while United Bank for Africa (UBA) sold 60.091 million shares worth N693.272 million.
