The Nigerian equities market opened the week on a bullish note on Monday, recording an N804 billion gain in investors’ wealth.

Market capitalization on the Nigerian Exchange Limited (NGX) rose from N125.164 trillion at the start of trading to N125.968 trillion at the close, representing an increase of N804 billion, or 0.64 percent.

In the same vein, the All-Share Index advanced by 1,273.79 points, or 0.64 percent, to settle at 196,263.56, compared to 194,989.77 posted on Friday. The development further strengthened the market’s year-to-date return to 26.12 percent.

Market breadth closed flat, with 35 gainers and 35 losers.

On the gainers’ chart, Okomu Oil and Fortis Global Insurance led with 10 percent gains each, closing at N1,605.60 and 66k, respectively. FG20203356, Fidson, and NPF Microfinance Bank also posted gains during the session.

Conversely, the Initiates topped the losers’ table with a 10 percent decline to close at N17.55. Other decliners included Deap Capital Management, Multiverse Mining, Livingtrust Mortgage Bank, and Ellah Lakes.

Trading activity improved significantly, as a total of 1.3 billion shares valued at N31.5 billion were exchanged in 95,091 deals.

This compared with 820.5 million shares worth N28.3 billion traded in 63,507 transactions on Friday, indicating a 57 percent increase in volume, an 11 percent rise in value, and 50 percent growth in deals.
Japaul Gold recorded the highest volume of trades with 473.98 million shares, accounting for 36.78 percent of the total volume for the day.

Aradel led in value terms with N4.14 billion worth of shares traded, representing 13.14 percent of the day’s total value.
Meanwhile, the NGX has issued a warning to investors over sharp and unusual price movements in the shares of some listed companies in recent sessions.

In an investor alert released on Monday, the Exchange said it had observed significant volatility that may not align with the underlying fundamentals of the affected companies.

“Investors are encouraged to base their decisions on careful analysis of companies’ fundamentals, risk profile, and financial performance,” the notice stated.

NGX added, “We remain vigilant in our surveillance to safeguard market integrity and protect investors.”