Stock market opens week with surprise surge — Here’s what happened

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Investors recorded a gain of N62 billion as the Nigerian stock market began the week on a positive trajectory on Monday.

This followed a rise in the market capitalisation of Nigerian Exchange Limited by N62 billion, representing a 0.36 percent increase, moving from N155.994 trillion to N156.056 trillion as of last Thursday.

In the same development, the All-Share Index climbed by 881.16 points, or 0.36 percent, to close at 243,158.97, compared to 242,277.81 recorded in the previous trading session.

As a result, the Year-to-Date (YTD) return improved to 56.26 percent, while market breadth remained positive, with 43 gainers against 34 losers.

On the gainers’ chart, FTN Cocoa Processors and Consolidated Hallmark led with gains of 10 percent each, closing at N6.05 and N5.72 per share respectively. This was followed by CAP, which rose by 9.99 percent to close at N159.70, while AIICO Insurance gained 9.98 percent to finish at N4.74. Similarly, Dangote Sugar appreciated by 9.97 percent, ending the session at N76.65 per share.

On the downside, Nigerian Aviation Handling Company topped the losers’ table with a 23 percent decline, closing at N198.68, followed by International Energy Insurance, UPDC, Learn Africa, and Nem Insurance.

Further analysis indicated that market activity declined during the session, as total traded volume dropped by 48.30 percent to 967.47 million shares, valued at N43.84 billion across 122,041 deals.

VFD Group led the volume chart with 255.35 million shares, accounting for 26.39 percent of total trades.

Meanwhile, Zenith Bank recorded the highest transaction value at N8.42 billion, representing 19.20 percent of the day’s total turnover.

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