Inventory market opens bullish, features N84bn — Day by day Nigerian

The Nigerian Exchange Ltd, NGX, on Monday opened the week optimistic with N84 billion revenue added to the portfolios of traders.

Specifically, the market capitalisation which opened at N58.920 trillion, gained N84 billion or 0.14 per cent to shut at N59.004 trillion.

The All-Share Index additionally gained 0.14 per cent or 138.1 factors, to shut at 97,374.25, in opposition to 97,236.19 recorded on Friday.

Consequently, the Year-To-Date, YTD, return elevated to 30.23 per cent.

Demands for Aradel, Flourmill, AXA Mansard drove the market’s optimistic efficiency.

However, market breadth closed unfavorable with 27 losers and 24 gainers.

United Capital led 26 different declined equities on the losers desk by 9.78 per cent to shut at N16.15 per share.

Also, Eunisell Ltd., led 23 different  equities on the gainers’ desk by 10 per cent to shut at N9.02 per share.

Analysis of the market actions confirmed commerce turnover settled decrease, when put next with the earlier session, with the worth of transactions down by 20.21 per cent.

A complete of 297.83 million shares valued at N7.52 billion had been exchanged in 9,902 offers, in contrast with 478.94 million shares valued at N9.42 billion traded in 9,015 offers, posted within the earlier session.

Meanwhile, Sterling Nigeria led the exercise chart in quantity with 36.13 million, whereas UBA led the worth chart in offers value N1.04 billion.

In its prediction for the week’s market efficiency, analysts at Cowry Asset Management Ltd., stated combined sentiment was anticipated to persist as portfolio rebalancing continues.

The analysts acknowledged that regardless of the latest downturn, a near-term rebound was anticipated, including that, though, investor sentiment was anticipated to stay cautious.

They stated: “the discharge of October’s Consumer Price Index (CPI) figures by the National Bureau of Statistics might additional weigh on market sentiment, with persistent inflationary pressures and potential forex volatility holding traders on the sting.

“As a result, we advise investors to focus on fundamentally sound stocks while remaining mindful of broader economic conditions.”

NAN