Nigeria’s stock market rose by 0.48 percent or N318billion on Tuesday, the first trading day in the holiday-shortened week.
The market rallied following investors interests in stocks like Nigerian Breweries, International Breweries, The Initiates, Japaul Gold and Cornerstone Insurance.
International Breweries increased from N5.50 to N6.05, adding 55kobo or 10 percent. Nigerian Breweries rose from N36.20 to N39.80, up by N3.60 or 9.94 percent.
The Initiates rose from N4.55 to N5, adding 45kobo or 9.89 percent. Japaul Gold rallied from N1.94 to N2.13, up by 19kobo or 9.79 percent. Cornerstone moved from N2.59 to N2.84, up 25kobo or 9.65 percent.
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The Nigerian Exchange Limited (NGX) All Share Index (ASI) and equities market capitalisation increased to 104,739.61 points and N65.817 trillion respectively from preceding trading day’s lows of 104,242.38 points and N65.499 trillion.
Futureview research analysts in their recent weekly stock recommendation said they expect a mixed performance in the equities market this week, “as investor sentiment remains cautious due to global tariff concerns and the upcoming Nigerian Treasury Bills (NTB) Auction”.
“Investors are expected to focus on undervalued, dividend-paying stocks for stable returns,” Futureview analysts said.
In 13,734 deals, investors exchanged 353,283,914 shares valued at N7.195billion. Access Holdings, Fidelity Bank, Chams, Universal Insurance and Zenith Bank shares were actively traded.
“Looking forward, the equities market might remain dovish due to elevated interest rate environment in the fixed-income market, we still expect bearish sentiments to linger in the background,” according to Lagos-based United Capital Research analysts.
“Generally, investors await Monetary Policy Committee (MPC)’s decision in their upcoming meeting in May. Concurrently, retail investors are engaging in profit-booking, resulting in selloffs that impede the consistent upward movement of stock prices,” the analysts added.
