Nigeria stocks rally by 0.79% as week opens

Nigeria’s equities market rose by 0.79 percent on Monday, thanks to stocks like Beta Glass, Access Holding, Skyway Aviation Handling Company, and other major gainers that pushed the market higher at the close of trading.

Beta Glass share price increased most, from N59.10 to N65, adding N5.90 or 9.98 percent. RT Briscoe rose from N2.52 to N2.77, adding 25kobo or 9.92 percent. Access Holdings moved up from N25.30 to N27.80, adding N2.50 or 9.88 percent.

Also, Chellaram increased from N4.07 to N4.47, up by 40kobo or 9.83 percent, while Skyway Aviation Handling Company rose from N33.15 to N36.40, adding N3.25 or 9.80 percent.

“Looking forward, the equities market is expected to maintain its positive momentum as investors continue to position themselves ahead of the FY-2025 earnings season and possible corporate action declarations.

“Nevertheless, given the elevated interest rate environment in the fixed-income market, we still expect bearish sentiments to linger in the background,” United Capital Research analysts said.

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The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities Market Capitalisation increased from preceding day’s 103,598.3 points and N63.645 trillion to 104,418.94 points and N64.440trillion. The market has risen this year by 1.45 percent.

In their expectation for this week, Futureview Research analysts said they anticipate a mixed performance, “as investors shift their focus to the FGN Bond auction while actively seeking value in undervalued stocks”.

Access Holdings, FCMB Group, Sterling, Zenith Bank and UBA were actively traded stocks as investors in 17,196 deals exchanged 518,275,743 shares worth N13.299billion.

“We expect the NGXASI to close in the green zone as investors continue to position in stocks with strong fundamentals, which should help maintain market momentum. Also, with the earnings season underway, we anticipate that the buying interest would outpace selling pressures as investors position themselves ahead of companies’ full-year releases and dividend declaration.

“Moreover, we acknowledge the possibility of profit-taking as investors capitalise on gains on stocks that have appreciated in the past week. On a broad scale, we forecast a positive performance for the local bourse by the week’s end,” Meristem research analysts said in their January 27 note.