The Nigerian equity market staged a recovery on Monday, gaining ₦369 billion as investor confidence returned. The All-Share Index (ASI) climbed by 0.56% to close at 105,551.39 points, marking a reversal from the losses recorded in the previous week.
Following this resurgence, the total market capitalization reached ₦66.2 trillion, reinforcing optimism among traders and stakeholders. Despite the day’s gains, the market has posted a 0.23% loss over the past week and a 2.38% decline in the last four weeks. However, the market remains positive on a year-to-date basis, with a 2.55% increase.
Market Performance Overview
A total of 127 equities were actively traded, with 25 stocks recording gains while 22 stocks declined.
Top Gainers
- Royal Exchange led the advancers with a 10% increase, closing at ₦0.88 per share.
- Livestock Feeds gained 9.87% to close at ₦9.24.
- Abbey Mortgage Bank rose by 9.72% to ₦3.95.
- Universal Insurance appreciated by 9.62% to ₦0.57.
Top Losers
- Africa Prudential suffered the biggest loss, dropping 53.64% to ₦15.30 per share.
- NEM Insurance declined by 9.63%, closing at ₦12.20.
- United Capital shed 9.29% to close at ₦16.60.
- Computer Warehouse Group lost 6.67%, settling at ₦8.40.
Increased Trading Activity
Market turnover improved significantly, with 440.5 million shares exchanged in 13,314 deals, amounting to a total value of ₦10.47 billion. This represents:
- 11% growth in traded volume,
- 16% rise in turnover, and
- 32% increase in the number of deals compared to the previous session.
Among the most traded stocks, Zenith Bank led with 55.1 million shares, followed by FCMB Group (49.6 million shares), United Bank for Africa (47.4 million shares), and Access Holdings (37.2 million shares).
Sectoral Performance
Different market indices reflected mixed results:
- Top 30 Index: +0.61%
- Banking Index: +3.78%
- Pension Index: +1.68%
- Premium Index: +0.89%
- Oil & Gas Index: +0.39%
Market Recap & Outlook
The rebound follows last week’s bearish trend, where the market recorded a ₦532 billion decline, dragging the All-Share Index down by 0.94% to 104,962.96 points and the market capitalization to ₦65.82 trillion.
With renewed investor confidence and increased trading activity, analysts anticipate continued market fluctuations influenced by economic policies, corporate earnings, and external market trends.
