By Rukayat Adeyemi
The Nigerian Exchange Ltd. (NGX) started the week on a positive note, with market capitalisation rising by N16 billion, representing a 0.03 per cent gain on Monday.
The market capitalisation, which opened at N59.215 trillion, closed at N59.231 trillion.
Similarly, the All-Share Index (ASI) edged up by 25 points, or 0.03 per cent, closing at 97,747.27, compared to 97,722.28 recorded on Friday.
This uptick pushed the Year-To-Date (YTD) return to 30.72 per cent, reflecting sustained investor confidence.
The positive performance was driven by increased interest in top equities such as Zenith Bank, United Bank for Africa (UBA), and Oando Plc.
Market breadth closed positively, with 28 gainers and 22 losers.
John Holt led the gainers table, rising by 77k to close at N8.49, followed by Eunisell, which gained N1.19 to close at N13.18. Beta Glass saw an increase of N4.50, closing at N49.85 per share.
WAPCO also added N4 to close at N46, while Tantalizers rose by 7k to close at 82k per share.
On the downside, Mecure led the losers’ table, falling by N1.25 to close at N11.70. The Initiate Plc trailed with a 23k loss, closing at N2.30 per share.
Thomas Wyatt dropped by 17k to close at N1.75, UPL shed 31k to close at N3.65, and Champion Breweries lost 26k to close at N3.52 per share.
In terms of market capitalisation activity, trade turnover was lower than the previous session, with the value of transactions down by 21.15 per cent.
A total of 413.35 million shares, valued at N5.34 billion, were exchanged in 9,004 deals, compared to 295.19 million shares worth N6.77 billion traded in 8,433 deals the previous session.
Japaul Gold led the volume chart with 179.10 million shares, while Access Corporation topped the value chart with deals worth N775.55 million.
Looking ahead, analysts at Cowry Asset Management predicted that the market will continue to see a tug-of-war between bulls and bears, with the bulls likely gaining an edge.
They also noted that opportunities persist for savvy investors in undervalued stocks amid ongoing market volatility. The release of October’s Consumer Price Index (CPI) data by the National Bureau of Statistics may also influence sentiment, as inflationary pressures and naira volatility keep market players cautious.
“Investors are advised to prioritise fundamentally strong stocks while staying vigilant about broader economic developments,” the analysts advised. (NAN)
