Nigerian Stock Market Rises as NGX Index Gains 0.21%

The Nigerian stock market opened the week on a positive note, with the NGX All-Share Index rising by 0.21%, gaining 521.70 points to close at 252,635.11 points. The overall market capitalization increased by N344 billion, reaching N163.999 trillion.

Investor sentiment was positive, with 39 gainers outpacing 27 losers. University Press (NGX: UPL) recorded the highest gain, rising by 9.89% to close at N5.00 per share, followed by Critical Minerals Financing Corporation (CMFC (NGX: CMFC)) at 9.82% and ABC Transport (NGX: ABCTRANS) at 9.80%.

On the losers' side, Fortis Global Insurance (NGX: FTGINSURE) led with a decline of 9.50%. Trading volume increased by 43.1% to 1.01 billion shares, valued at N39.02 billion across 61,517 deals.

United Capital Plc (NGX: UCAP) projected that the Nigerian equity market would remain strong as investors adjust to the Central Bank of Nigeria's (CBN) recent 3.50 percentage-point reduction in the Monetary Policy Rate to 23%, which could shift investments from fixed-income assets to equities.