The equity market witnessed a notable gain of N874 billion, primarily propelled by the positive performance of Chams Holdings Plc (10%), PZ Cussons (10%), and 66 other gainers in Monday’s trading session.
The All-Share Index surged by 1.92%, equivalent to 1,597.93 basis points, closing at N84,640.89. This brought it closer to the 85,000-point mark compared to the previous Friday. Year-to-date gains strengthened to 13.20% from the previous trading session’s 11.06%.
Leading the day’s market were the stocks of Transcorp Plc, United Bank for Africa, Zenith Bank, Access Holdings, and MTN Nigeria. Despite MTN Nigeria’s share price remaining unchanged, the volume of shares traded for these stocks reached 2,832,680 units valued at N791.554 million across 419 deals.
The total transaction volume for the day rose to 807.51 million, up from the previous session’s 600.63 million units. The value of traded stocks improved to N11.03 billion from N9.097 billion, with shares traded in 13,647 deals. The total number of stocks traded by the session’s close stood at 127, indicating a positive market breadth with 68 gainers and eight losers.
Chams Holdings, Daar Communications, Axa Mansard, PZ Cussons, Sovereign Insurance Plc, and Tantalizer Plc were among the top gainers, each appreciating by 10%. On the flip side, Abbey Mortgage Bank Plc, Julius Berger, Custodian, Africa Prudential, FBN Holdings, Champion, ABC Transport, and United Capital experienced losses ranging from 0.39% to 9.52%.
The surge in the market was attributed to the inflow of foreign investment, with cautious optimism prevailing. Market analysts anticipate potential growth if Nigeria can address its foreign exchange challenges, making it more attractive to foreign investors.
