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NGX Opens Week On Bullish Note, Gains N263bn

by Ngozi Ibe
3 weeks ago
in Business
Reading Time: 2 mins read
NGX,Gains,Bullish
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The Nigerian Exchange (NGX) commenced the new trading week on a positive trajectory as market capitalisation rose by N263 billion on Monday, driven by renewed investor appetite for select equities.

 

Data from the Exchange showed that the market capitalisation, which opened at N87.936 trillion, gained 0.30 per cent to close at N88.199 trillion. Similarly, the All-Share Index (ASI) advanced by 414.74 points or 0.30 per cent to settle at 139,394.75, compared to 138,980.01 recorded in the previous session.

 

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The uptrend was buoyed by significant price appreciation in PZ Cussons Nigeria, University Press, Ellah Lakes, Legend Internet, and NCR Nigeria, among others. Market breadth closed on a strong note with 41 gainers against 18 laggards, reflecting broad-based investor confidence.

 

On the gainers’ chart, PZ Cussons Nigeria and University Press led with a 10 per cent increase each, closing at N35.20 and N5.50 per share respectively. They were followed by Ellah Lakes (+9.94%), which closed at N14.27, and Legend Internet, which appreciated by 9.90 per cent to N5.44 per share. NCR Nigeria also rose 9.84 per cent to finish at N13.95 per share.

 

Conversely, Nigerian Enamelware, Industrial and Medical Gases, Union Dicon Salt, and Thomas Wyatt Nigeria shed 10 per cent apiece, closing at N35.10, N33.30, N10.80 and N2.70 per share, respectively. Academy Press also fell by 9.95 per cent to N8.60 per share.

 

Meanwhile, trading activity closed mixed. Investors exchanged 947.9 million shares valued at N17.9 billion in 36,036 deals, compared with 1.82 billion shares worth N15.9 billion traded in 24,612 deals in the previous session.

 

FCMB Group topped the activity chart with 460.9 million shares valued at N4.74 billion. It was followed by Universal Insurance with 42.2 million shares worth N53.4 million, while Royal Exchange transacted 35.2 million shares valued at N72.5 million. Zenith Bank and FBN Holdings also attracted significant interest, trading 26.7 million shares (N1.73 billion) and 25.9 million shares (N791 million), respectively.

 

Analysts note that Monday’s bullish outing reflects sustained investor positioning in fundamentally sound stocks ahead of upcoming corporate actions, though they caution that profit-taking could moderate gains in subsequent sessions.

Tags: BullishGainsNGX
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