Stock Market Opens August Strong, Investors Gain ₦289bn | Daily Report Nigeria
Market capitalisation climbs to ₦158. 61tn as equities sustain bullish momentum. Vitafoam, MTN Nigeria, NASCON, First Holdco and HBM Nigeria drive early-month rally. Despite gains, 38 stocks decline against 24. . .
Market capitalisation climbs to ₦158. 61tn as equities sustain bullish momentum. Vitafoam, MTN Nigeria, NASCON, First Holdco and HBM Nigeria drive early-month rally. Despite gains, 38 stocks decline against 24 advancers as profit-taking lingers. Nigeria’s equities market opened trading for August on a positive note on Monday, with investors recording a combined gain of ₦289 billion as renewed buying interest lifted the benchmark index. The rally pushed the Nigerian Exchange (NGX) All-Share Index (ASI) up by 446. 85 points, representing a 0. 18 per cent increase to close at 245,730. 53 points, while market capitalisation rose to ₦158. 614 trillion. ATTENTION:Click“HERE”to join our WhatsApp group and receive News updates directly onyour WhatsApp!The bullish performance was largely driven by price appreciation in major stocks, including Vitafoam Nigeria, MTN Nigeria Communications (MTNN), NASCON Allied Industries, First Holdco and HBM Nigeria. READ ALSO:Stock Market Starts Week in Red as Investors Lose ₦77bnMarket analysts said investor confidence remained resilient despite intermittent profit-taking witnessed in the previous trading week. Cowry Assets Management Limited projected that the market could extend its upward trajectory in the coming sessions, although short-term profit-taking may moderate the pace of gains. “The market is expected to sustain its bullish trend as investor sentiment tilts increasingly positive, though residual profit-taking activity from the prior week could temper the pace of any recovery,” the firm stated. Market breadth, however, closed in negative territory as 38 stocks declined, outnumbering the 24 gainers recorded during the session. Among the top performers, Eterna Plc and Caverton Offshore Support Group appreciated by 10 per cent each to close at ₦36. 30 and ₦5. 50, respectively. They were followed by Omatek Ventures, which advanced 9. 88 per cent to settle at ₦1. 78, while AVA Capital gained 9. 70 per cent to close at ₦9. 05. Vitafoam Nigeria also posted a 7. 90 per cent gain, ending the day at ₦194. 00 per share. On the losers’ chart, Ecobank Transnational Incorporated (ETI) recorded the steepest decline after shedding 9. 95 per cent to close at ₦80. 10 per share. Cadbury Nigeria fell 9. 92 per cent to ₦58. 10, while Thomas Wyatt Nigeria lost 9. 82 per cent to close at ₦3. 95. Wapic Insurance declined 9. 80 per cent to ₦2. 30, while Critical Minerals Financing Corporation (CMFC) dropped 9. 79 per cent to close at ₦3. 50 per share. Trading activity weakened slightly during the session as total transaction volume dipped by 2. 1 per cent to 923. 01 million shares, valued at ₦37. 85 billion across 72,544 deals. Access Holdings emerged as the most actively traded stock with 166. 64 million shares worth ₦4. 42 billion, followed by Honeywell Flour Mills, which exchanged 93. 55 million shares valued at ₦1. 64 billion. Other heavily traded equities included Sterling Financial Holdings Company with 57. 08 million shares, Universal Insurance with 51. 82 million shares, and Chams Holding Company, which traded 33. 79 million shares during the session. For publication of Press Releases, Statements, and Advert Inquiries, send an email to[email protected]