With investors realizing N262 billion in new profits, the Nigerian Exchange (NGX) started the week on a high note.
Rising demand in Transcorp Power, along 40 other growing stock,s was mostly driving this good momentum, which indicated fresh investor confidence in the market.
Rising by 227.68 points—or 0.24 percent—the AllShare Index (ASI closed at 96,205.85 points. Market capitalization increased as well, ending the day at N88.199 trillion. Analysts credit the rise to strong price appreciation in leading companies like Transcorp Power, Dangote Sugar Refinery, NASCON Allied Industries, PZ Cussons Nigeria, and Cadbury Nigeria.
The News Chronicle recognized that, despite conservative trading patterns, the gains indicate growing optimism among investors. Bargain hunters seem to be arranging themselves in highly aggressive counters seeking to capitalize on future profit momentum.
Market specialists, meanwhile, recommend a conservative strategy. Coronation Asset Management observed that even while profit-taking continues to be a consideration, focused purchasing in value equities might assist the ASI in the short run. Likewise, Vetiva Brokerage analysts noticed that market direction will hinge on whether banking industry selloffs subside or if favorable momentum from consumer goods and Insurance shares covers the general market.
With 41 equities up against 18 losers, the general market mood was bullish. PZ Cussons Nigeria and University Press led the list of top gainers with a 10. respectively increasing percent; ending at N35.20 and N5.50. While Legeng Internet and NCR Nigeria rose 9.9 percent and 9.84 percent correspondingly, Ellah Lakes continued with a 9.94 percent increase to N14.27.
On the other hand, Industrial & Medical Gases Nigeria, Nigerian Enamelware, Thomas Wyatt Nigeria, and Union Dicon Salt decreased by 10 percent each. While Eterna fell by 9.36%, Academy Press lost 9.95% to finish at N31.
Reflecting a more discriminating but active trading session, trading volume decreased dramatically by 47.5 percent to 947.87 million units worth N17.97 billion traded in 36,036 deals.
