The Nigerian Exchange Limited (NGX) started the week on a positive note, with market capitalisation increasing by ₦344 billion from ₦163.655 trillion at the open to ₦163.999 trillion at the close. This significant gain reflects a renewed buying interest across the market. The All-Share Index (ASI) also advanced, rising by 521.70 points from 252,113.41 at the opening to 252,635.11 at the close, representing a 0.21 percent increase.
The market breadth remained positive, with 33 gainers against 24 decliners, indicating stronger buying interest across the session. Several stocks led the gainers' chart, including UPL, which advanced 9.89 percent from ₦4.55 to ₦5.00. CMFC followed with a 9.82 percent gain, rising from ₦3.26 to ₦3.58. ABCTRANS increased 9.80 percent from ₦5.10 to ₦5.60, while ETERNA gained 9.62 percent, moving from ₦39.00 to ₦42.75.
On the other hand, FTGINSURE led the decliners, falling 9.50 percent from ₦2.00 to ₦1.81. TRANSEXPR declined 8.47 percent from ₦2.95 to ₦2.70, while FG162029S1 dropped 6.67 percent from ₦75.00 to ₦70.00. RTBRISCOE shed 6.07 percent, declining from ₦10.70 to ₦10.05, and WAPIC fell 4.74 percent from ₦2.32 to ₦2.21.
Some notable stocks, including MTN Nigeria Communications, Dangote Cement, Presco, Custodian Investment, Julius Berger, and Champion Breweries, closed flat for the day. The NGX began the new week with a positive benchmark performance and market breadth, as the ASI extended its advance above the 252,000-point level.
The increase in market capitalisation, alongside the higher number of gainers, points to renewed buying interest across the market. However, the presence of 24 decliners shows that selling pressure remained in some counters. Investors may continue to monitor the performance of large-cap stocks and the breadth of buying interest to determine whether the upward movement can be sustained.
The positive opening to the week also keeps the market above the 250,000-point level, which remains an important reference point for near-term trading. This development could influence investor sentiment and trading decisions in the coming days.
Overall, the NGX's performance on Monday reflects a cautiously optimistic market sentiment. With 33 gainers and 24 decliners, the market breadth indicates a relatively balanced trading session. As investors continue to assess market trends and economic developments, the NGX's ability to sustain its upward momentum will be closely watched.
Key points
- The Nigerian Exchange Limited (NGX) market capitalisation rose by ₦344 billion on Monday.
- The All-Share Index (ASI) advanced by 521.70 points, representing a 0.21 percent increase.
- Market breadth remained positive, with 33 gainers against 24 decliners.
