Equities Market Opens Trading Week By N79bn Gain

The Nigerian equity market opened the trading week on a positive note, with investors gaining N79 billion. The market index increased by 0.39%, closing at a point.

This growth was driven by price appreciation in large stocks such as BUA Foods, Stanbic IBTC Holdings, and Julius Berger. The overall market capitalization value also rose to close at a trillion.

United Capital Plc predicts that investor positioning will focus on fundamentally strong financial service stocks, particularly banks and insurers, due to their resilient earnings profile and attractive valuation. Market activity reflected cautious sentiment, with 41 stocks advancing and 36 declining.

Notable gainers included AIICO Insurance, SUNU Assurance, and Stanbic IBTC Holdings, while Abbey Mortgage Bank and Associated Bus Company were among the top losers. Total volume traded declined by 7.7%, with Linkage Assurance topping the activity chart.