Equities market opens week on green posture, as investors’ wealth rises by N144bn

By Philemon Adedeji

The Nigerian Equity market opened the week on a  green posture as investors continued to hold a favorable outlook, driven by the recent H1 earnings announcement. This led to a notable upward movement in NGXASI, which recorded a gain of 41 basis points, closing at 65,268.28 index points, compared to  65,003.39 index points it closed for previous trading day

The notable surge in the stock market’s performance today was primarily driven by substantial gains in major stocks such as NASCON (+10 per cent), STANBIC (+9.97 per cent), FBNH (+9.82 per cent), OKOMU OIL (+5.87 per cent), DANGOTE SUGAR (+2.59 per cen), WAPCO (+0.52 per cent), and TRANSCOHOT (+3.83 per cent), along with 26 other stocks.

Consequently, the Year to Date (YTD) return experienced a significant upswing, reaching 27.35 per cent. Moreover, the overall market capitalization showed a 0.41 per cent increase, closing at N35.539 trillion, leading to a notable rise in investors’ wealth by N144.23 billion.

On the performance board, FTNCocoa processor, Glaxosmith, LASACO Assurance, NASCON Allied led the gainers with 10.00 per cent each increase to close at N2.20, N8.25, N1.75, N31.90 per share Respectively

However, on the losers chart, Ellahlakes led losers with 9.

86 per cent to close at N3.93 per share, Abbeybds which followed lost 9.82 per cent to close at N1.01 per share, while Thomaswy dipped by. 9.55 per cent to close at N1.42 per share

Wema Bank which recorded as the last fourth loser went down by 9.09 per cent to close at N4.50 per share, while NGXGROUP which recorded as the last fifth loser depreciated by 8.93 per cent to close at N25.50 per share.