…NGX-ASI up by 0.13%
…YtD return now 41.80%
Nigeria’s stock market opened the new week on a positive note, rising by 0.13 percent on Monday.
The market’s positive close was insurance, consumer goods, and banking stocks despite profit taking in industrial counters.
The market’s return year-to-date (YtD) increased to 41.80 percent. This month, the market has risen by 4.35 percent.
Linkage Assurance, Universal Insurance, AIICO, Sterling, and Veritas Kapital were most traded stocks on Monday. The Initiates and other major advancers like Sunu and UPDC pushed the market higher.
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The Initiates rallied from N12 to N13.20, adding N1.20 or 10 percent. Sunu Assurance also rose from N5 to N5.50, up by 50kobo or 10 percent, while UPDC rallied from N7.90 to N8.69, adding 79kobo or 10 percent.
Futureview research analysts said, “We maintain a cautiously optimistic outlook for the Nigerian equities market this week, anticipating continued upward momentum driven by strong corporate earnings.
“Barring any major macroeconomic headwinds or negative market surprises, investor sentiment is expected to remain broadly positive”.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities Market Capitalisation increased from preceding trading day’s close of 145,754.91 points and N92.214 trillion respectively to 145,880.77 points and N92.294 trillion. In 40,435 deals, investors exchanged 2,115,718,916 shares worth N19.399billion.
“Momentum remains with Insurance, while industrials face supply after today’s drawdown; expect continued rotation into high-beta names with tactically two-way flows in banks as investors position ahead of prints.
“Overall sentiment stays positive, but tapes are stretched, look for intraday whips and buy-the-dip interest in recently hit sectors,” Vetiva research analysts said in their post-trading market commentary.
