The domestic stock market concluded the day on a positive note, driven by bargain hunters who actively engaged in purchasing equities. The Bullish trend continued for a third consecutive session, resulting in the benchmark NGXASI index gaining 51 basis points (bps) to finish at 66,490.34 points. This was an increase from its Monday closing level of 66,151.38 points.
The favorable performance of the day was primarily influenced by investors showing interest in prominent stocks. Notable gainers included Flour Mill (+10%), NASCON Allied Industries PLC (+9.95%), Dangote Sugar (+9.96%), Transnational Corporation of Nigeria PLC (+9.87%), Access Corporation (+3.44%), Zenith Bank (+2.29%), along with 28 other stocks.
Consequently, the year-to-date return rose to 29.73%, accompanied by a 0.51% uptick in the overall market capitalization, which ultimately reached N36.39 trillion. This positive outcome significantly enhanced investors’ wealth by N185.52 billion.
Market activity witnessed a surge as both trading volume and value exhibited growth, expanding by 79.14% and 10.27% to reach 436.96 million units and N7.01 billion, respectively.
The Market Breadth, which measures investor sentiment through the Gainers/Losers ratio, decreased to 1.06x from 1.42x, as 34 stocks appreciated, 32 stocks depreciated and 53 stocks closed flat.
We anticipate the continuation of bullish momentum this week. We advise investors to invest in high-quality stocks with strong fundamentals supporting them.
Currency Market
The Nigerian Naira depreciated by 0.42% against the US Dollar in the I&E Window, closing at a rate of N775.34/USD.
