Stock Market stunner: Investors wake up to N52bn Windfall

The Nigerian stock market kicked off the week on a positive note, posting a gain of N52 billion despite cautious investor sentiment.

Key performance indicators edged up by 0.08 per cent on Monday, buoyed by select banking and consumer goods stocks.

The market capitalisation of the Nigerian Exchange Ltd. (NGX) increased to N66.769 trillion, up from N66.717 trillion recorded last Friday. Likewise, the All-Share Index (ASI) rose by 83 points to settle at 106,621.91, compared to 106,538.72 in the previous session.

The uptick in market performance was driven by gains in First City Monument Bank, Access Corporation, and Dangote Sugar, among others. The overall market breadth remained positive, with 32 stocks advancing against 27 decliners.

Eterna Plc surged by 9.96 per cent to close at N37.55 per share, while Transnational Corporation rose by 9.91 per cent to close at N51.55 per share. First City Monument Bank gained 9.89 per cent to end at N10 per share, while Africa Prudential advanced by 9.85 per cent to settle at N36.25 per share. ABC Transport climbed by 8.67 per cent, reaching N1.63 per share.

Stock market rebounds with N57bn gain amidst buying interest
On the flip side, VFD Group suffered the steepest decline, shedding 9.92 per cent to close at N47.20 per share. International Energy Insurance dropped by 8.72 per cent to N1.78 per share, while Cadbury Nigeria lost 8 per cent to settle at N23 per share. Cornerstone Insurance fell by 7.89 per cent to N2.92 per share, and Honeywell Flour Mill declined by 7.06 per cent to close at N12.50 per share.

Total market turnover stood at 364.97 million shares, valued at N17.628 billion, exchanged in 14,565 transactions. This marked an improvement from last Friday’s 349.18 million shares, worth N9.74 billion, traded across 11,911 deals.

Fidelity Bank led the activity chart with 56.4 million shares worth N970.85 million. Access Corporation followed with 30.42 million shares valued at N725.48 million, while Zenith Bank recorded 27.64 million shares worth N1.33 billion. Africa Prudential transacted 23.32 million shares valued at N834.19 million, while United Bank for Africa exchanged 13.1 million shares worth N495.98 million.

Analysts at Vetiva Securities Ltd. noted that despite the market’s modest gains, overall sentiment remains cautious due to high fixed-income yields.

They observed that investors are selectively engaging in fundamentally sound equities, but sustained bullish momentum appears unlikely without significant economic catalysts. Consequently, the market is expected to experience a mixed session, with selective buying offset by profit-taking in the coming days.