Investors won almost N534 billion, on Monday, helping the stocks market on the Nigerian Exchange Limited, start the week off well.
According to Vanguard, another stock market indicator, the NGX- All Share Index, or ASI, increased by 1.6% to 61,949.24 points as a result of increased investor interest in MTN Nigeria, which rose to 1.7%, Stanbic IBTC, which increased 9.3%, and Access Corporation, which increased 9.9%.
As a result, the Year-to-Date return rose to 20.9% from 19.0% on Friday, and the market capitalization surged by N534.0 billion to settle at N33.7 trillion.
However, activity levels were uneven, with value traded falling 12.0% to N14.1 billion and transaction volume rising 20.8% to 1.2 billion units.
Regarding sectoral analysis, performance within our purview was favorable across all sectors, as all 6 indicators increased. advancing the group, the Banking and Insurance indices advanced 6.8% and 1.8% respectively following price appreciation in Zenith Bank which rose by 2.9%, Fidelity Bank 10.0%, and MANSARD 4.6%.
“Due to price increases in Conoil, which increased by 6.0%, Eterna, 10.0%, and MTN Nigeria, the Oil & Gas and AFR-ICT Indices trailed by 1.5% and 0.9%, respectively.
“Dangote Sugar also saw a 3.0% price hike as a result of buying activity. Unilever, 7.4%, and PZ, 4.6% followed, pushing up the Consumer and Industrial Goods Indices by 0.5% and 4 basis points, bps, respectively.
“Afrinvest Research analysts provided the following outlook statement: “Investor sentiment, as measured by market breadth, rose to 1.29 times from 0.78 times in the prior session as 67 companies advanced, 14 dropped, and 41 closed flat.”
