Notore’s listing lifts market capitalisation by N111bn, amid Index decline

The Nigerian stock market experienced a mixed performance on Monday, with the All-Share Index closing lower in spite of a significant boost to market capitalisation.

The listing of 2.42 billion shares in a private placement by Notore Plc added N111 billion to the market’s value.

However, the broader market trend was bearish, as the All-Share Index extended its losing streak to five consecutive trading days.

Declines in Tier-one banking stocks such as Zenith Bank, FBN Holdings, and Fidelity Bank, coupled with losses in other key stocks like Caverton and Transnational Corporation, contributed to the index’s downturn.

Despite the negative market sentiment, the Year-To-Date (YTD) return remained positive at 31.24 per cent.

Market breadth closed marginally positive, with 22 gainers outperforming 21 losers.

Africa Prudential led the gainers, while Caverton topped the losers’ list.

Trade turnover declined significantly compared to the previous session.

Analysts at Cowry Asset Management anticipate continued bearish pressure on the market due to recent economic data and the central bank’s interest rate hike.

They advise investors to focus on stocks with strong fundamentals to navigate the challenging market conditions.