…as Stocks Start Strong For The new WeekÂ
The Nigerian equities market commenced the week on an optimistic note, as bullish sentiment remained predominant.
The NGX All-Share Index (NGXASI) appreciated by 74 basis points during the session, concluding at 65,202.41 points, a gain from the previous Friday’s value of 64,721.09 points.
The day’s favorable performance was underpinned by increased buying interest from investors in select stocks, notably BUAFOODS with a notable uptick of 9.29%, TRANSCORP rising by 5.29%, DANGSUGAR showing a 2.86% increase, NASCON experiencing a 1.43% rise, STANBIC with a 1.74% uptick, and WAPCO exhibiting a 0.73% gain.
Consequently, the year-to-date return extended its growth to 27.22%. Concurrently, the overall market capitalization expanded by 0.74%, reaching N35.68 trillion. This upward movement translated into a substantial increase in investors’ wealth, amounting to N262.52 billion.
Market activity was negative as volume and value traded decreased by 56.92% and 57.50% to close at 231.60 million units and N3.99 billion, respectively.
The Market Breadth, which measures investor sentiment through the Gainers/Losers ratio, increased to 2.07x from 0.53x, as 31 stocks appreciated, 15 stocks depreciated and 71 stocks closed flat.
Financial Analysts anticipate bulls to maintain dominance over equities. We advise investors to invest in high-quality stocks with strong fundamentals supporting them.
The Nigerian Naira depreciated by 2.95% against the US Dollar in the I&E Window, closing at a rate of N761.32/USD.
