The Nigerian stock market opened the new trading week on a strong footing on Monday, as investors raked in about ₦745 billion following sustained buying interest across key sectors of the market.
Data from the Nigerian Exchange Limited (NGX) showed that total market capitalisation rose by 0.58 per cent to ₦104.52 trillion, up from ₦103.78 trillion recorded at the close of the previous session.
The upbeat performance was mirrored by the All-Share Index (ASI), which gained 946.61 points, or 0.58 per cent, to close at 163,244.69, compared with 162,298.08 on Friday.
Investor sentiment remained firmly positive, as market breadth closed in the green with 50 stocks advancing against 20 decliners, highlighting broad-based optimism in the equities market.
Leading the rally were Etranzact, Red Star Express, McNicholas, RT Briscoe and Deap Capital Management, all of which recorded the maximum daily gain of 10 per cent. Etranzact closed at ₦16.50, Red Star Express at ₦11.55, McNicholas at ₦6.05, RT Briscoe at ₦3.96, while Deap Capital Management settled at ₦3.30 per share.
On the flip side, Champion Breweries led the losers, shedding 8.51 per cent to close at ₦15.05. Eunisell Interlinked fell by 8.01 per cent to ₦156.20, while Ikeja Hotel dropped eight per cent to ₦36.80. Guinea Insurance declined by 7.30 per cent to ₦1.27, and Omatek lost 3.13 per cent to close at ₦1.24.
Trading activity also picked up strongly, with a total of 1.15 billion shares valued at ₦19.23 billion exchanged in 59,359 deals. This marked a significant increase from the 624.08 million shares worth ₦18.5 billion traded in 43,816 transactions in the previous session.
Sovereign Trust Insurance emerged as the most traded stock by volume, with 307.47 million shares changing hands, accounting for 26.75 per cent of total market volume. Fidelity Bank topped the value chart, with transactions worth ₦3.14 billion, representing 16.32 per cent of the total value of trades.
With strong investor participation and broad-based gains, the market appears to be maintaining its bullish momentum at the start of the week.
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