The Nigerian equities market began the week on a strong note, with the Nigerian Exchange (NGX) All-Share Index (ASI) posting a mid-day increase on Monday, spurred by notable gains in PZ Cussons, GTCO, and other key stocks.
Amid renewed investor interest, the ASI climbed by 14 basis points during intraday trading, benefiting from a favorable sentiment and declining yields in the fixed income space. Analysts attribute the upward movement to selective bargain hunting in mid- and large-cap equities.
Stockbrokers forecasted that the market was likely to close on a positive trajectory as investors resumed buying activities in stocks perceived to offer growth potential.
In an update to investors, Alpha Morgan Capital Limited reported that the NGX All-Share Index recorded a 0.14% gain by mid-day, highlighting an ongoing rally. The momentum was driven largely by bullish sentiment in stocks across various sectors.
Leading the list of gainers were PZ Cussons with a 3.40% increase, GTCO at 1.98%, and FIRSTHOLDCO which rose by 1.96%. Other notable performers included WEMABANK (1.82%), JAIZBANK (1.27%), UBA (0.82%), and OANDO (0.09%).
The rally was underpinned by renewed optimism among retail and institutional investors, many of whom have re-entered the market amid easing inflation and anticipated monetary policy shifts.
Market analysts suggest that if the trend continues, the NGX could be poised for a broader recovery, especially as economic indicators signal improvement and interest in equities returns.
 All-Share Index (ASI) posting a...){kind=link}