Investors in Nigerian equities gained ₦10 billion as the Nigerian Exchange (NGX) began the week on a positive note, with improved market sentiment driving marginal growth. The All-Share Index (ASI) recorded a slight increase of 0.02%, signaling a recovery from last week’s losses.
This modest rebound was fueled by bargain hunting in medium and large-cap stocks, including CAVERTON, NASCON, and TRANSCORP. According to Atlass Portfolios Limited, these gains lifted the market out of last week’s red zone, which saw a ₦1.45 trillion loss due to sell-offs in major stocks.
The ASI closed at 102,370.62, reflecting a 16.94 basis points gain. Market activity surged, with trade volume rising by 281.51% and value increasing by 38.47%. Approximately 1.25 billion shares worth ₦16.35 billion were exchanged in 11,477 deals.
UNIVINSURE led the volume charts, accounting for 8.90% of total trades, followed by AIICO (6.29%), OANDO (5.63%), ZENITHBANK (5.60%), and FIDELITYBK (4.77%). In terms of value, OANDO was the most traded stock, contributing 18.75% of the total value.
Top gainers included CAVERTON (+10.00%), WAPIC (+9.91%), and SCOA (+9.68%), while 25 stocks depreciated, led by EUNISELL (-9.99%), JOHNHOLT (-9.63%), and HONYFLOUR (-7.58%).
The market’s breadth was positive, with 32 gainers versus 25 losers. Sectoral performance was mixed: Insurance (+2.12%), Industrial Goods (+0.17%), and Banking (+0.12%) sectors gained, while Consumer Goods (-0.46%) and Oil & Gas (-0.11%) sectors declined.
Overall, the market capitalization grew by ₦10.14 billion (+0.02%), closing at ₦62.86 trillion.
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