Nigerian stock market opens week strong as investors gain N515bn

The Nigerian stock market began the week on a positive note on Monday, with investors recording a gain of N515 billion.

Market data showed that the overall market capitalisation rose by N515 billion, representing a 0.33 per cent increase, to close at N156.108 trillion, up from N155.593 trillion recorded at the close of trading on Friday.

The benchmark All-Share Index (ASI) also appreciated by 802.94 points, or 0.33 per cent, advancing from 242,593.31 to 243,396.25.

As a result, the market’s year-to-date return improved to 56.41 per cent.

Trading activities closed with a positive market breadth, as 32 stocks posted gains compared to 30 losers.

On the gainers’ chart, International Energy Insurance led with a 9.92 per cent increase to close at N7.98 per share. It was followed by The Initiates Plc, ABC Transport, and Abbey Mortgage Bank, which also recorded notable gains.

On the losers’ table, Fidson Healthcare emerged as the worst-performing stock, shedding 10 per cent to close at N122.85 per share. Academy Press declined by 9.70 per cent to N7.45, while RT Briscoe lost 9.43 per cent to settle at N13.45 per share.

Meanwhile, investors traded a total of 717.16 million shares valued at N56.66 billion in 73,321 deals. This represented an increase from the 608.49 million shares worth N32.03 billion exchanged in 53,826 transactions on Friday.

FCMB was the most traded stock by volume, accounting for 157.80 million shares, which represented 21.15 per cent of the total volume traded during the session.

In terms of value, Dangote Cement dominated the market with transactions worth N29.77 billion, contributing 51.28 per cent of the total value of trades recorded on Monday.