Positive Open To Week As All-Share Index Climbs 0.21%

The domestic stock market opened the week on a bullish note, buoyed by gains in 33 stocks, which drove the All-Share Index higher by 0.21 per cent.

The All-Share Index rose by 521.70 per cent, representing a gain of 0.21 per cent, to close at 252,635.11 points. Similarly, the overall market capitalisation value gained N344 billion to close at N 163.999 trillion.

The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; UACN, Eterna, First Holdco, Zichis Agro Allied Industries and CWG.

On market outlook, United Capital Plc said, “the Nigerian equity market should remain strong as investors adjust to the CBN’s 3.50 per cent MPR reset to 23 per cent. Lower interest rates could encourage some investors to rotate from fixed income into equities, supporting banking, consumer and other interest-sensitive stocks.

“The N2.15 trillion Dangote Refinery IPO should remain a major liquidity event ahead of its October 13 closing. Nigeria’s FTSE Russell Frontier Market reclassification should also support foreign investor attention, while elevated crude prices could benefit oil and gas stocks. However, market gains could moderate if investors lock in profits following the recent rally. Trading will also be shortened by Thursday’s Independence Day holiday.”

Investor sentiment remained positive as 39 gainers outpaced 27 losers. University Press recorded the highest price gain of 9.89 per cent to close at N5.00, per share. Critical Minerals Financing Corporation (CMFC) followed with a gain of 9.82 per cent to close at N3.58, while ABC Transports rose by 9.80 per cent to close at N5.60, per share.

Eterna up by 9.62 per cent to close at N42.75, while Sovereign Trust Insurance appreciated by 9.17 per cent to close at N2.62, per share.

On the other hand, Fortis Global Insurance led the losers’ chart by 9.50 per cent to close at N1.81, per share. Trans-Nationwide Express followed with a decline of 8.47 per cent to close at N2.70, while R.T. Briscoe declined by 6.07 per cent to close at N10.05, per share.

Wapic Insurance shed 4.74 per cent to close at N2.21, while Omatek Ventures lost 4.73 per cent to close at N1.41, per share.

The total volume traded advanced by 43.1 per cent to 1.01 billion units, valued at N39.02 billion, and exchanged in 61,517 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 527.428 million shares valued at N10.619 billion. Access Holdings followed with 56.330 million shares worth N1.792 billion, while Chams Holding Company traded 41.438 million shares valued at N138.076 million.

Zenith Bank traded 24.692 million shares valued at N3.323 billion, while Guaranty Trust Holding Company (GTCO) transacted 23.469 million shares worth N3.216 billion.