Stock market rises by 2.48% as week opens

Nigeria’s equities market kicked off a new week on a positive note, driven by investors who bought shares of Dangote Cement Plc and MRS Plc. The duo led others that drove the market’s new high as the week opened. The market went up on Monday by 2.48 percent as investors gained N851 billion.

“This week, we expect the bullish sentiments in the equities market to persist on the back of the attractiveness of the market over the depressed rates in the fixed-income market.

“Also, we believe the positive sentiments around the new policies to continue to drive the rally in the market. Lastly, we expect investors to begin to take positions ahead of the upcoming second quarter (Q2) 2023 earnings season,” said United Capital research analysts in their July 10 note to investors.

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Dangote Cement rose the most from N300.10 to N330.10, after adding N30 or 10 percent, followed by MRS which increased from N99.50 to N109.45, adding N9.95 or 10 percent, and Neimeth which also moved from N2 to N2.20, adding 20kobo or 10percent.

The market’s positive return year-to-date (YtD) stood higher at 26.05 percent. The market’s All-Share Index (ASI) and equities capitalisation rose from the preceding day’s 63,040.41 points and N34.326 trillion respectively to 64,603.69 points and N35.177 trillion.

In 14,584 deals, investors exchanged 1,839,046,861 shares valued at N22.033 billion. FBN Holdings, Universal Insurance, Sterling Bank, Transcorp and AIICO were actively traded stocks.