• Thursday, July 25, 2024
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Investors gain N127bn as stock market opens week in green

MTNN, other stocks drive market’s negative start to new week

Nigeria’s equities market opened this week on a positive, rising by about N127billion or 0.51percent.

The record rally on the Nigerian Exchange Limited (NGX) was driven by bargains in favour of UACN (+N1 or 9.90 percent); NAHCO (+50kobo or 10percent); and Meyer (+11kobo or 9.73percent).

Other stocks seen on the buy side of the market include Royal Exchange (+9kobo or 9.47percent) and Learn Africa (16kobo or 9.25percent).

GTCO, Zenith Bank, Sterling Bank, Fidelity Bank and Access Holdings were actively traded stocks on Monday, April 11.

Read also: Market falls as investors book profit on penny stocks

The value of listed stocks on the Nigerian Exchange Limited (NGX) which stood lower at N25.139tillion the preceding trading day, rose by N127billion to N25.266trillion.

Also, the equities market benchmark performance indicator – the All Share Index (ASI) increased by 0.51percent from a low of 46,631.46 points to 46,867.95 points on Monday.

The stock market’s positive return year-to-date (YtD) rose by 9.72 percent. In 5,946 deals, equity investors exchanged 224,643,990 units valued at N3.823billion.

Lagos-based Vetiva research analysts had in their April 11 note ahead of market trading said they expect to see a slight improvement in the market’s numbers “amid further mixed
sessions spurred by bargain hunting activities.”