Stock market opens week marginally higher despite decline in turnover

By Seun Ibiyemi

The Nigerian equities market commenced the week on a slightly positive note on Monday, recording marginal gains despite a significant decline in trading turnover compared to the previous session.

Investors traded 553.2 million shares valued at ₦13.3 billion across 28,907 transactions.

This marks a sharp contrast to Friday's session, where 571.7 million shares worth ₦29.04 billion were exchanged in 20,418 deals. Conversely, while the number of deals surged by 42 per cent, turnover value plummeted by 54 per cent, and trading volume dipped by 3 per cent.

Market capitalisation inched up by ₦3 billion, or 0.003 per cent, closing at ₦95.267 trillion from ₦95.264 trillion on Friday. Similarly, the All-Share Index (ASI) gained 4.62 points to settle at 149,437.88, lifting the year-to-date return to 45.19 per cent.

Market breadth remained positive, with 28 stocks recording gains against 23 losers.

Sovereign Trust Insurance led the gainers’ chart with a 10 per cent appreciation, closing at ₦3.74 per share. It was followed by Guinness Nigeria, which rose by 9.96 per cent to ₦239.50, and Mecure Industries, up 9.88 per cent to close at ₦41.70. AIICO Insurance and First Holding Company also posted gains of 9.86 per cent each.

Conversely, Prestige Assurance topped the losers’ table, shedding 10 per cent to close at ₦1.53. FTN Cocoa Processors dropped 8.16 per cent to ₦4.50, while Guinea Insurance declined by 7.69 per cent to ₦1.08. Royal Exchange and Nigerian Breweries also recorded losses of 7.25 per cent and 6.86 per cent, closing at ₦1.79 and ₦76.75, respectively.

FCMB emerged as the most traded stock by volume, with 92.04 million shares changing hands, while VITAFOAM recorded the highest value traded, amounting to ₦1.77 billion.