The Nigerian Stock Exchange started the week on a good note this Monday, with the total value of all companies listed on the exchange increasing by N10 billion.
The All Share Index, which is a key measure of how well the stock market is performing, went up by a small amount of 0.02 percent. It ended the day at 102,370.62 points, which is a slight increase from the 102,353.68 points it was at the previous trading day. However, it’s important to note that even with this small rise, the market is still showing negative trends for both the year and the month. Specifically, it has decreased by 0.48 percent for both periods. On a week-to-date basis, the market has seen a modest increase of 0.02 percent.
During the trading session, a total of over 1.25 billion shares were bought and sold through about 11,477 transactions, with a total value of around N16.35 billion. The market had a generally positive feel, as 28 companies saw their stock prices go up, while 22 companies experienced declines in their stock prices. This suggests that there is a sense of optimism among investors, despite some ups and downs in certain areas of the market.
Among the companies that performed well, Caverton stood out with a significant increase of 10 percent in its share price, closing at N2.42, up from N2.20. Neimeth also had a strong day, with its share price rising by nearly 10 percent from N3.43 to N3.77. Other notable gainers included SCOA Nigeria, which increased by 9.68 percent, UPDC with a 9.52 percent rise, and Sovereign Trust Insurance, which went up by 9.09 percent.
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On the flip side, some companies faced losses. Eunisell had the largest decline, dropping nearly 10 percent from N15.62 to N14.06. John Holt also saw a significant decrease of about 9.63 percent, falling from N10.18 to N9.20. Other companies that experienced declines included Secure Electronic Technology, Honeywell Flour Mill, and Cornerstone Insurance, each losing a notable percentage of their stock prices.
In terms of trading activity, Universal Insurance Company had the highest volume of shares traded, with about 27.7 million shares exchanged, valued at N18.71 million. Zenith Bank followed with 16.7 million shares traded, worth approximately N785.84 million. Oando had the highest value of trades, with 16.6 million shares that amounted to N1.24 billion. Fidelity Bank and Veritas Kapital Assurance also saw significant trading volumes.
In related news, the Nigerian stock market faced a challenging week previously, losing N1.45 trillion in total market value. The All Share Index had dropped by 2.94 percent, ending that week at 102,353.68 points, and the overall market value decreased by 2.26 percent to N62.85 trillion.
