The Nigerian Exchange kicked off the week with a bang, seeing a substantial increase in market capitalization amounting to N52.17 billion. As the All Share Index closed trading on Monday, it had climbed by 83.31 points, settling at 106,621.91 points and marking a year-to-date gain of 3.59 percent. The overall market capitalization hit N66.8 trillion, painting a positive start to the week for investors and traders alike.
Market Activity and Top Gainers
Market activity buzzed with excitement as investors exchanged 364.97 million shares in 14,565 deals, valued at N17.63 billion. This surge represented a notable five percent increase in volume, an impressive 81 percent improvement in turnover, and a significant 22 percent rise in deals compared to the previous Friday’s session. Amidst this bustling activity, some standout performers emerged in the market.
Eterna Plc led the gainers’ chart with an impressive 9.96 percent appreciation, closing at N37.55 per share. Following closely behind was Transcorp, boasting a 9.91 percent increase to settle at N51.55, while FCMB Group secured a 9.89 percent gain, closing at N10.00 per share. Other notable gainers included Africa Prudential, which saw a 9.85 percent uptick to N36.25, and ABC Transport, rising by 8.67 percent to N1.63 per share. Dangote Sugar also made its mark with an 8.11 percent increase, closing at N40.00 per share.
Top Losers and Sectoral Indices
However, not all stocks enjoyed the same upward trajectory, as some faced declines during the trading session. VFD Group experienced the most significant decline, shedding 9.92 percent to close at N47.20 per share. International Energy Insurance followed suit with an 8.72 percent drop to N1.78, while Cadbury Nigeria lost eight percent, closing at N23.00 per share. Other losers included Cornerstone Insurance, which dipped by 7.89 percent to N2.92, Honeywell Flour declining by 7.06 percent to N12.50, and Omatek dropping by 6.58 percent to N0.71 per share.
Fidelity Bank took the lead in terms of shares traded, with 56.4 million units changing hands. Access Holdings followed closely with 30.4 million shares, Zenith Bank accounted for 27.6 million shares, and Africa Prudential saw 23.3 million shares traded. Sectoral indices showcased a mixed bag of performances, with the Top 30 Index rising by 0.24 percent, and the Pension Index gaining 0.34 percent. The Consumer Goods Index saw an increase of 0.23 percent, the Banking Index advanced by 0.2 percent, and the Main Board Index appreciated by 0.17 percent. However, the Premium Index experienced a slight decline of 0.08 percent.
The PUNCH highlighted that the Nigerian stock market faced a downturn, shedding a total of N476.0 billion in just one week. Investors navigated the market, trading a total of 1.818 billion shares worth N47.226 billion in 64,222 deals. This notable decline underscored the dynamic nature of the stock market, where gains and losses are part and parcel of the trading landscape. In the world of investments, as in life, it’s essential to weather the storms and celebrate the victories, knowing that each day brings new opportunities and challenges to navigate.