Olufemi Adeyemi
In a similar vein, the All-Share Index experienced a rise of 0.14%, gaining 139 points to reach 98,386.60 points, compared to the previous closing of 98,247.99 points on Friday. This performance elevated the Year-To-Date (YTD) return to 31.58%.
The positive market activity was primarily fueled by strong investor interest in stocks such as FBN Holdings, United Bank for Africa (UBA), Fidelity Bank, Nigeria Breweries, and Transnational Corporation, among other advancing shares.
The market breadth was robust, featuring 32 gainers against 20 losers. FCMB and McNichols topped the gainers' list, each surging by 10% to close at N8.89 and N1.87 per share, respectively. Fidelity Bank closely followed with a 9.93% increase to N14.95 per share. Tantalizers rose by 9.84% to 67 kobo, while Flour Mills advanced by 9.81% to N55.40 per share.
On the downside, Berger Paints led the decliners, falling by 9.83% to close at N21.10 per share, followed by Daar Communications, which dropped 9.33% to 68 kobo per share. Deap Capital Management and Trust Plc saw a decline of 9.09%, closing at 90 kobo, while Secure Electronic Technology Plc decreased by 7.46% to 62 kobo per share. Honeywell Flour also experienced a drop, falling 5.12% to N4.63 per share.
A review of market activity indicated a decrease in trade turnover compared to the previous session, with transaction values down by 18.06%. A total of 810.43 million shares, valued at N8.29 billion, were traded across 10,669 deals, compared to 554.22 million shares worth N10.12 billion exchanged in 8,670 deals during the prior session.
Mecure led the trading activity, with 400.08 million shares valued at N2.78 billion changing hands.
Analysts at Cowry Asset Management Ltd. have forecasted a sustained positive market sentiment for the week, attributing this to portfolio rebalancing and strategic investments in value-oriented stocks.
They highlighted that the recent decline in inflation, along with advantageous quarter-end activities, may bolster investor confidence and present opportunities for those interested in fundamentally sound investments. Nonetheless, they urged investors to exercise caution, emphasizing that market volatility continues to be a considerable concern.
They recommended that investors concentrate on high-quality stocks with robust growth potential to adeptly manage possible market fluctuations.