The Nigerian equities market concluded the first trading session of the week with a positive momentum, as we continue to see consistent interest from investors in the consumer Goods sector, with rallies majorly in DANGSUGAR, NASCON, and TRANSCORP.
Consequently, the NGX All-Share Index (NGXASI) saw a 90 basis points rise during the closing session, settling at 66,151.38 points compared to the previous 65,558.91 points.
The day’s upturn was fueled by investors interest in key stocks amongst which were: DANGSUGAR (+10%), NASCON (+9.94%), TRANSCORP (+10%), BUAFOODS (+9.09%), GLAXOSMITH (+9.91%) and FLOURMILL (+1.69%) with 28 other stocks.
In addition, the year-to-date return climbed to 29.07%, accompanied by a 0.90% uptick in the overall market capitalization, ultimately closing at N36.21 trillion. This led to a significant boost in investors’ wealth by N324.26 billion.
However, market activity witnessed a decline, with volume and value traded registering a decrease of 12.61% and 7.52% to 311.12 million units and N3.92 billion, respectively.
Financial Analysts anticipate the continuation of bullish momentum this week. We advise investors to invest in high-quality stocks with strong fundamentals supporting them.
The Nigerian Naira appreciated by 0.81% against the US Dollar in the I&E Window, closing at a rate of N772.12/USD.
