The Nigerian equity market maintained its bullish trend on Monday, with investors gaining N104 billion, driven by significant share price increases in key stocks like the Infrastructure Debt Fund and First Bank of Nigeria Holdings.
[dropcap]T[/dropcap]he Nigerian equity market maintained its bullish trend on Monday, with investors gaining N104 billion, driven by significant share price increases in key stocks like the Infrastructure Debt Fund and First Bank of Nigeria Holdings.
The Nigerian equity market continued its bullish trend on Monday, with investors gaining N104 billion, largely buoyed by the share prices of Infrastructure Debt Fund, First Bank of Nigeria Holdings, Ellah Lakes, and several others.
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The All-Share Index rose by 181.99 points, or 0.18 percent, closing at 98,568.59. This performance reflects a weekly gain of 0.9 percent, a four-week gain of 2.64 percent, and a year-to-date gain of 31.82 percent, with the current market capitalization of the Nigerian Stock Exchange standing at N56.6 trillion.
During the trading session on the Nigerian Stock Exchange (NSE), a total of 763,000,094 shares were exchanged across 12,081 deals, which corresponded to a market value of N11.78 billion.
This represented an 86 percent increase in volume, a 114 percent rise in turnover, and a 13 percent improvement in the number of deals compared to the previous trading day.
Among the 121 equities listed on the exchange, 35 gained while 22 declined. The Nigeria Infrastructure Debt Fund led the gainers with a 9.94 percent increase, closing at N111.70 per share.
Other notable gainers included FBN Holdings, which rose by 9.93 percent to N31.00, Ellah Lakes, up 9.76 percent to N3.71, and Fidelity Bank, which increased by 9.70 percent to N16.40.
On the downside, Oando experienced the largest decline, ending the day with a 10 percent drop to N72.00 per share.
Other significant losers included Okomu Oil Palm, which fell by 9.98 percent to N376.00, Caverton Offshore Support Group down 9.88 percent to N3.65, and Multiverse Mining & Exploration, which decreased by 9.82 percent to N10.10.
Fidelity Bank recorded the highest trading volume with 126 million shares, followed closely by Transcorp Nigeria with 103 million shares, United Bank for Africa with 73.5 million shares, and Caverton Offshore Support Group with 43.7 million shares.
As the market continues on its upward trajectory, investors remain optimistic about ongoing growth and opportunities within the Nigerian equity landscape.
Source: Read more at thecable.ng
Quadri Olaitan is a journalist and contributor to Freelanews.com, covering news, public affairs, and human-interest stories.
