New Telegraph

Stock Market Posts Tepid Gains Amid Mixed Sentiment

Nigeria’s equities market commenced the week on a cautiously optimistic note, as the All-Share Index (ASI) inched higher by a marginal 0.02 per cent, adding N10 billion in market capitalisation.

Investors displayed a mixed appetite for risk assets, influenced by the anticipation of this week’s treasury bills auction and selective bargain hunting in undervalued stocks.

Notable gains from stocks such as Caverton Offshore Support Group, Coronation Insurance, SCOA, and UPDC underpinned the market’s performance. Caverton led the gainers, surging from N2.20 to N2.42—a 10 per cent increase.

Similarly, Wapic Insurance advanced by 9.91 per cent, SCOA rose by 9.68 per cent, and UPDC appreciated by 9.52 per cent.

According to Future – view analysts, “Investor sentiment is likely to oscillate as focus shifts toward the primary market auction, though opportunities in undervalued stocks may sustain interest in the equities market.”

The NGX All-Share Index rose slightly from 102,353.68 points to 102,370.36 points, with market capitalisation increasing to N62.861 trillion.

However, sectoral performance was uneven, with gains in the Insurance (+2.1%), Industrial Goods (+0.2%), and Banking (+0.1%) sectors offset by declines in Consumer Goods (-0.5%) and Oil & Gas (-0.1%).

Investor activity surged, with 1.33 billion shares valued at N17.67 billion traded across 13,891 deals. Wema Bank dominated the volume and value charts, accounting for 980.04 million shares worth N9.80 billion.

Market sentiment remained positive, as 30 stocks advanced while 25 declined, yielding a market breadth of 1.2x. Analysts at Meristem Research noted: “While treasury bills auctions may attract some investors, equities with strong fundamentals and attractive valuations are likely to remain resilient.

“We expect a positive close to the week, sup – ported by bargain hunting and strategic positioning in sound stocks.” Nonetheless, profittaking activities on previously surging stocks such as John Holt (-9.6%) and NSLTECH (-9.0%) tempered the overall gains.

Please follow and like us:

Read Previous

CSR: Interswitch Announces Winners Of National Science Competition

Read Next

Dangote Cement Slumps Amid Market Turmoil, Sheds N1.45trn