The Nigerian stock market started the week on a positive trajectory as investors continued to hold a favorable outlook, driven by the recent H1 earnings announcement. This led to a notable upward movement in NGXASI, which recorded a gain of 41 basis points, closing at 65,268.28 points, compared to its Friday closing value of 65,003.39.
The notable surge in the stock market’s performance today was primarily driven by substantial gains in major stocks such as NASCON Allied Industries PLC (+10%), Stanbic IBTC Bank (+9.97%), FirstBank Nigeria Holdings PLC (+9.82%), Okomu Oil (+5.87%), Dangote Sugar PLC (+2.59%), WAPCO (+0.52%), and TRANSCOHOT (+3.83%), along with 26 other stocks.
Consequently, the Year to Date (YTD) return experienced a significant upswing, reaching 27.35%. Moreover, the overall market capitalization showed a 0.41% increase, settling at N35,539.22 trillion, leading to a notable rise in investors’ wealth by N144.23 billion.
We anticipate a bullish sentiment in the equities market this week, as we expect to see the rollout of firms’ half year results.Currency Market
The Nigerian Naira depreciated by 1.83% against the US Dollar in the I&E Window, closing at a rate of N792.04/USD.
