Nigerian stock market kicked off the week on a positive note, with investors gaining N1.78 trillion in a single-day rally.
This surge was driven by sustained buying interest in key stocks such as Lasaco Assurance, Royal Exchange, UPDC, UAC of Nigeria, and 43 other stocks.
As a result, the market capitalization rose by 1.99% to close at N91.15 trillion.
Market Performance
The All-Share Index (ASI) also saw a significant increase, advancing by 2,808.73 points or 1.99% to settle at 144,071.78.
The market breadth was positive, with 47 gainers and 23 losers recorded at the close of trading. Lasaco Assurance led the gainers’ chart, rising by 10% to close at N2.86 per share.
Other notable gainers included Royal Exchange, UPDC, UAC of Nigeria, and Sovereign Trust Insurance.
Trading Activity
Despite the positive market performance, the total volume traded was lower than the previous day’s, with 811.09 million shares valued at N19.47 billion exchanged in 35,963 transactions.
First City Monument Bank led trading activity with 84.95 million shares worth N979.42 million.
Expert Analysis
According to Mr. Aruna Kebira, Managing Director of Globalview Capital Ltd., the market’s performance reflects its maturity and strong buying interest in equities.
He attributed the gains to informed investors, long-term pension fund investments, stable exchange rate, and declining inflation. Kebira also noted that the steady rise of the ASI and market capitalization indicates a positive outlook for the market.
*Market Outlook*
The bullish momentum is expected to continue, driven by strong buying interest and positive market fundamentals.
However, investors are advised to remain cautious and monitor market developments closely to make informed investment decisions.
