Nigerian Stock Exchange Starts Week with 0.18% Gain; Market Capitalization Rises by N17.97 Billion


The Nigerian equities market kicked off the trading week on a positive note, with the All-Share Index (ASI) advancing by 0.18% to reach 102,042.32 points. This bullish run was accompanied by a surge in market capitalization, which grew by N17.97 billion to reach N36.88 trillion. The year-to-date gain for the market has now reached 30.9%, reflecting the overall positive sentiment among investors.

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Key sectors driving the market’s performance included Banking and Consumer Goods, with more gainers (32) than laggards (23). Notable advancers for the day included CHAMS, NCR, ROYALEX, SUNUASSUR, and TIP, with significant share price movements ranging from 6.04% to 10.00%. Conversely, some stocks experienced losses, with INFINITY, JOHNHOLT, PZ, MAYBAKER, and DEAPCAP declining by various percentages.

Sectoral performance was mixed, with the Banking and Consumer Goods indexes leading the gainers, while the Insurance sector faced a decline. Trading activity on the Nigerian Stock Exchange (NGX) saw a decrease in both the total number of deals and trading volume compared to the previous session. Nevertheless, ACCESSCORP emerged as the most traded security in terms of volume, with GTCO leading in terms of traded value.

In the money market, NIBOR rates trended lower across all tenor buckets, indicating an improvement in liquidity. The Overnight NIBOR declined by 1.94% to close at 17.00%, while the 1-month, 3-month, and 6-month NIBOR also decreased. Similarly, key money market rates such as the open repo rate (OPR) and overnight lending rate (OVN) declined.

Meanwhile, in the Nigerian Interbank Treasury Bills market, yields across various maturity periods declined, leading to bullish movements. Average T-Bills yield marginally decreased by 2 basis points to close at 14.69%.

In the bond market, trading activity was bearish, resulting in an increase in average yield. The secondary market for FGN Bonds experienced a yield expansion, particularly in the JUN-33 FGN paper.

In the foreign exchange market, the Naira depreciated against the US dollar, closing at N1,534.39 per dollar from N1,469.97. Similarly, in the parallel market, the Naira weakened against the US dollar.

Global commodity markets saw a decline in crude oil prices, with WTI crude futures and Brent Crude decreasing on Monday.

Source: Cowry Asset Management Limited (COWRY) Research Desk

Godwin Okafor
Godwin Okafor
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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