Stock Market Gains N159.8bn Amid Demand for Nestle Nigeria, 19 Others
Kayode Tokede The Nigerian stock market commenced the new week on a positive note, as gains in Nestle Nigeria and 19 others drove the overall capitalisation higher by N159.8 billion.
On Monday, the Nigerian stock market experienced a positive start with gains from Nestle Nigeria and 19 other companies, driving the total capitalization up by N159.8 billion. The Nigerian Exchange Limited All-Share Index (NGX ASI) increased by 246.50 basis points, or 0.10 percent, to close at 243,299.24 basis points. Nestle Nigeria's rise of 3.57 percent contributed to the market capitalization, which grew to N157.747 trillion.
However, sectoral performance was mixed as Banking (+0.7 percent) advanced, while Insurance (-0.5 percent), Consumer Goods (-0.2 percent), and Oil & Gas (-0.1 percent) declined. Industrial Goods remained flat. Investor sentiment was bearish, with 28 losing stocks outpacing 19 gainers. Royal Exchange and Nigerian Exchange Group recorded the highest gains of 10 percent each, closing at 99 kobo and N162.80, respectively.
RT Briscoe also gained 9.88 percent, closing at N8.90 per share. Conversely, John Holts led the declines, falling by 10 percent to close at N8.10. The total volume of shares traded dropped by 22.4 percent to 428.97 million units, valued at N20.52 billion, and included 54,592 deals. Japaul Sterling Financial Holding Company saw the highest activity with 78.053 million shares traded, valued at N588.867 million.
Cowry Assets Management Limited forecasted a cautious market as investors maintained mixed interest across sector indices following the beginning of the Dangote Refinery IPO.
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