Stock market opens bullish, gains N84bn

The Nigerian Exchange Ltd. (NGX) on Monday opened the week positive with N84 billion profit added to the portfolios of investors.

Specifically, the market capitalisation which opened at N58.920 trillion, gained N84 billion or 0.14 per cent to close at N59.004 trillion.

The All-Share Index also gained 0.14 per cent or 138.1 points, to close at 97,374.25, against 97,236.19 recorded on Friday.

Consequently, the Year-To-Date(YTD) return increased to 30.23 per cent.

Demands for Aradel, Flourmill, AXA Mansard drove the market’s positive performance.

However, market breadth closed negative with 27 losers and 24 gainers.

United Capital led 26 other declined equities on the losers table by 9.78 per cent to close at N16.15 per share.

Also, Eunisell Ltd., led 23 other equities on the gainers’ table by 10 per cent to close at N9.02 per share.

Analysis of the market activities showed trade turnover settled lower, when compared with the previous session, with the value of transactions down by 20.21 per cent.

A total of 297.83 million shares valued at N7.52 billion were exchanged in 9,902 deals, compared with 478.94 million shares valued at N9.42 billion traded in 9,015 deals, posted in the previous session.

Meanwhile, Sterling Nigeria led the activity chart in volume with 36.13 million, while UBA led the value chart in deals worth N1.04 billion.

In its prediction for the week’s market performance, analysts at Cowry Asset Management Ltd., said mixed sentiment was expected to persist as portfolio rebalancing continues.

The analysts stated that despite the recent downturn, a near-term rebound was anticipated, adding that, although, investor sentiment was expected to remain cautious.

They said: “the release of October’s Consumer Price Index (CPI) figures by the National Bureau of Statistics could further weigh on market sentiment, with persistent inflationary pressures and potential currency volatility keeping investors on the edge.

“As a result, we advise investors to focus on fundamentally sound stocks while remaining mindful of broader economic conditions.