Investors gain N10bn at stock market

The Nigerian stock market started the week on a positive note, recording a gain of N10 billion, boosting investor portfolios on Monday, January 20, 2025.

The Nigerian Exchange Limited (NGX) market capitalisation increased from N62.851 trillion at the opening to N62.861 trillion at the close of trading on Monday.

The All-Share Index (ASI) also advanced by 0.02 per cent or 17 points, closing at 102,370.36 compared to 102,353.68 recorded on Friday.

This performance raised the Year-To-Date (YTD) return to 0.54 per cent.

Market activity was driven by demand for equities such as Oando Plc, Transnational Corporation, Zenith Bank, and Fidelity Bank, among others.

The stock market breadth also remained positive, with 32 gainers surpassing 26 losers at the close of trading.

On the gainers’ chart, Caverton led by 10 per cent to close at N2.42, while Wapic followed by 9.91 per cent to close at N2.44 per share.

SCOA Nigeria Plc gained 9.68 per cent to close at N2.72, UPDC Real Estate Investment Trust added 9.52 per cent to close at N1.84, and Universal Insurance went up by 9.52 per cent to close at 69k per share.

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Conversely, Eunisell Limited led the losers chart by 9.99 per cent to close at N14.06, while JohnHolt trailed by 9.63 per cent to close at N9.20 per share.

Secure Electronic Technology Plc declined by 8.99 per cent to close at 8k, Honeywell Flour lost 7.58 per cent to close at N9.15, while PZ decreased by six per cent to close at N23.50 per share.

On the breakdown of activities, trade turnover settled higher relative to the previous session, with the value of transactions up by 49.62 per cent.

A total of 1.33 billion shares valued at N17.67 billion were exchanged in 13,891 deals,compared to 327.84 million shares valued at N11.81 billion across 11,905 deals posted in the previous session.

Meanwhile, Wema Bank led the activity chart in volume and value with 980.04 million shares valued in deals worth N9.80 billion.

Ahead of the week, analysts at Cowry Asset Management Limited anticipated that the market might experience a mixed performance in the ongoing week.

They said while some degree of bargain hunting was expected as investors search for attractive entry points, much of the direction would be shaped by the anticipated earnings as well as reports and the broader macroeconomic outlook.

The Star