The Nigerian Exchange (NGX) All-Share Index (ASI) posted a slight rally on Monday, reflecting renewed market optimism after last week’s strong performance despite profit-taking activities in some stocks.
The intraday gain was attributed largely to renewed investor confidence, with stockbrokers projecting that the index could surpass its next psychological resistance level once Tier-1 banks release their half-year earnings reports.
Market watchers, however, note that broader sentiment remains cautious ahead of the release of Nigeria’s August inflation figures. Analysts anticipate that the Consumer Price Index (CPI) will show a further slowdown, a factor expected to guide trading direction in the short term.
Trading updates from the NGX indicated that the rally was modest and could still reverse before close of trading. Banking stocks were identified as the primary drivers of Monday’s uptick, with several Tier-1 and mid-tier lenders attracting buying interest.
At midday, the NGX ASI edged higher by 0.07 percent, according to an investment note issued by Alpha Morgan Capital Limited. The firm described the upward move as a reflection of “mildly positive investor sentiment.”
Stockbrokers also noted that investor demand was concentrated in mid- to large-cap stocks. Early gainers on the trading floor included:
- JAIZBANK, which appreciated by 2.41 percent.
- TRANSCORP, up 1.95 percent.
- GTCO, climbing 1.34 percent.
- UCAP, gaining 1.32 percent.
- FBNH, rising 0.95 percent.
- FCMB, up 0.93 percent.
- ACCESSCORP, advancing 0.75 percent.
Despite the slim rally, analysts advised investors to monitor macroeconomic indicators closely, particularly inflation data, which could determine the market’s trajectory in the coming weeks.
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