Market value: Fidelity, UBA become top gainers as NGX adds N79bn
Dealers at the Nigeria Stock Exchange
Market value: Fidelity, UBA become top gainers as NGX adds N79bn.
The Nigerian Exchange Ltd. (NGX) started the week on a positive note, as market capitalisation gained N79 billion or 0.14%, closing at N56.536 trillion from an opening value of N56.457 trillion.
Similarly, the All-Share Index rose by 0.14%, adding 139 points to settle at 98,386.60 points, compared to 98,247.99 points posted on Friday. This boosted the Year-To-Date (YTD) return to 31.58%.
The positive performance was largely driven by investor demand for stocks such as FBN Holdings, United Bank for Africa (UBA), Fidelity Bank, Nigeria Breweries, and Transnational Corporation, among other advancing equities.
The market breadth closed strong, with 32 gainers and 20 losers.
Leading the gainers’ chart were FCMB and McNichols, both of which gained 10% to close at N8.89 and N1.87 per share, respectively. Fidelity Bank followed closely, rising 9.93% to N14.95 per share. Tantalizers gained 9.84% to close at 67 kobo, while Flour Mills advanced by 9.81% to N55.40 per share.
Conversely, Berger Paints led the losers, dropping by 9.83% to close at N21.10 per share, followed by Daar Communications, which fell by 9.33% to 68 kobo per share.
Deap Capital Management and Trust Plc lost 9.09%, closing at 90 kobo, while Secure Electronic Technology Plc shed 7.46% to 62 kobo per share. Honeywell Flour also declined, falling 5.12% to N4.63 per share.
Analysis of market activity revealed a downturn in trade turnover compared to the previous session, with transaction values declining by 18.06%.
A total of 810.43 million shares valued at N8.29 billion were traded in 10,669 deals, compared to 554.22 million shares worth N10.12 billion exchanged in 8,670 deals in the previous session.
Mecure led the activity chart, trading 400.08 million shares valued at N2.78 billion.
In its market review and outlook, analysts at Cowry Asset Management Ltd. predicted continued bullish sentiment throughout the week, driven by portfolio rebalancing and strategic positioning in value-driven stocks.
They noted that the recent dip in inflation and favorable quarter-end activities could sustain investor optimism, creating opportunities for those seeking fundamentally strong investments.
However, they advised caution, warning that market volatility remains a significant factor.
“Investors should focus on quality stocks with strong growth prospects to navigate potential market swings effectively,” they said.
