Nigerian Market Gains N160bn, Opens Week Bullish

On Monday, the Nigerian equities market commenced the week on a bullish trend, with a total market capitalization increase of N160 billion. The All-Share Index rose by 246.50 basis points or 0.10% to close at 243,299.24 points, elevating market capitalization to N157.747 trillion from N157.587 trillion.

This upturn was primarily driven by price appreciation in medium and large-cap stocks, including Nestle Nigeria Plc, Nigerian Exchange Group Plc, FBN Holdings Plc, Custodian Investment Plc, and Dangote Sugar Refinery Plc. Despite the overall positive close, investor sentiment remained negative, with 28 stocks losing value compared to 19 gainers.

Royal Exchange Plc and Nigerian Exchange Group led the gainers with a 10% increase each, closing at 99k and N162.80 per share, respectively. Conversely, John Holt Plc topped the losers' chart, shedding 10% to close at N8.10.

Market activity saw a decline, with total volume traded dropping by 22.4% to 428.97 million units valued at N20.52 billion across 54,592 deals.