The Nigerian Exchange Ltd. (NGX) started the week with a positive performance, recording a rise in market capitalisation by N16 billion on Monday, November 18, 2024.
The market capitalisation, which opened at N59.215 trillion, closed the day at N59.231 trillion, marking a 0.03 per cent gain.
This growth was accompanied by a slight increase in the All-Share Index (ASI), which rose by 25 points, or 0.03 per cent, to close at 97,747.27, compared to 97,722.28 the previous Friday.
The steady rise in the market was a sign of investor confidence, with the Year-To-Date (YTD) return climbing to 30.72 per cent.
Top equities such as Zenith Bank, United Bank for Africa (UBA), and Oando Plc played a major role in driving the positive performance.
Market breadth closed on a positive note, with 28 gainers and 22 losers, indicating a generally optimistic sentiment among traders.
John Holt led the gainers’ table, rising by 77 kobo to close at N8.49. Eunisell also saw significant gains, adding N1.19 to close at N13.18.
Beta Glass had an impressive gain of N4.50, closing at N49.85 per share, while WAPCO added N4, closing at N46. Tantalizers also saw a modest rise of 7 kobo, closing at 82 kobo per share.
While the positive performance was notable, there were some losses in the market. Mecure led the losers’ table, falling by N1.25 to close at N11.70.
Initiate Plc followed, with a 23 kobo loss, closing at N2.30 per share. Other notable losers included Thomas Wyatt, which dropped by 17 kobo to close at N1.75, and UPL, which shed 31 kobo, closing at N3.65.
Champion Breweries also saw a decline, losing 26 kobo to close at N3.52 per share.
Despite the gains, trade turnover was lower compared to the previous session. The value of transactions decreased by 21.15 per cent, with 413.35 million shares worth N5.34 billion exchanged in 9,004 deals.
This was compared to the previous session, when 295.19 million shares worth N6.77 billion were traded in 8,433 deals.
Japaul Gold was the leader in terms of volume, with 179.10 million shares traded, while Access Corporation topped the value chart with deals worth N775.55 million.
Looking ahead, analysts at Cowry Asset Management predict continued market fluctuations, with a tug-of-war expected between bulls and bears. However, they believe the bulls are likely to gain the upper hand.
According to the analysts, investors should remain cautious amid ongoing market volatility, with opportunities still available in undervalued stocks.
The upcoming release of the October Consumer Price Index (CPI) data by the National Bureau of Statistics could also influence market sentiment. Inflationary pressures and naira volatility continue to be concerns for traders, keeping them vigilant.
