The Nigerian Exchange Limited (NGX) started the new trading week on a positive note on Monday, with market capitalisation increasing by ₦2.324 trillion from ₦161.593 trillion at the opening to ₦163.917 trillion at the close of trading. The All-Share Index (ASI) advanced by 3,579.52 points, representing a 1.44 percent increase from 248,877.22 to 252,456.74 points. This recovery followed last week’s decline, when the benchmark index depreciated by 2.13 percent to close at 248,877.22 points.
Despite the improvement in the benchmark index, market breadth remained negative, as 28 equities recorded price declines against 21 gainers. The figures indicated that losses still outnumbered advances, even as gains in selected stocks supported the broader market’s recovery. This mixed performance suggests that the recovery was not broad-based, with some stocks experiencing significant losses.
Top Gainers included Mansard Insurance, which advanced by 9.75 percent (₦11.80 to ₦12.95), Sovereign Trust Insurance, which gained 9.74 percent (₦1.95 to ₦2.14), and Dangote Cement, which rose by 9.61 percent (₦1,341.00 to ₦1,469.90). Other notable gainers included Oando, which appreciated by 8.46 percent (₦33.10 to ₦35.90), and Fidelity Bank, which gained 6.85 percent (₦23.35 to ₦24.95).
On the other hand, Thomas Wyatt declined by 6.85 percent (₦2.60 to ₦2.35), UPL fell by 8.70 percent (₦4.60 to ₦4.20), and FTG Insurance shed 7.38 percent (₦1.49 to ₦1.38). Other notable decliners included TIP, which lost 6.88 percent (₦26.90 to ₦25.05), and Zichis, which declined by 5.59 percent (₦17.00 to ₦16.05).
Several equities closed unchanged during the session, including MTN Nigeria Communications, Seplat Energy Plc, Presco Plc, Custodian Investment Plc, and John Holt Plc, among others. The market’s performance marked a rebound from the previous week’s losses, with the ₦2.324 trillion increase in capitalisation indicating a recovery in the value of listed equities.
The ASI’s 1.44 percent appreciation also represented a notable advance after the benchmark index lost 2.13 percent over the preceding week. However, the number of declining stocks exceeded that of advancing equities, suggesting that investors remain cautious about the market’s prospects. Investors will be watching whether the positive movement in the ASI can be sustained in subsequent sessions.
A shift towards positive market breadth would provide a stronger indication of improving market sentiment. The NGX’s performance is a significant indicator of Nigeria’s economic health, and investors are closely monitoring the market’s trends. The market’s recovery is a positive development, but it remains to be seen whether this trend will continue in the coming weeks.
Key points
- The NGX’s market capitalisation increased by ₦2.324 trillion to ₦163.917 trillion.
- The All-Share Index advanced by 3,579.52 points to close at 252,456.74.
- Market breadth remained negative, with 28 decliners against 21 gainers.
