By Benson Daniel
The Nigerian equities market recorded a modest gain at the start of the week, with the combined value of listed companies rising by N160 billion following advances in Nestlé Nigeria and other major stocks.
The market capitalisation increased from about N157.59 trillion to N157.75 trillion at the close of trading, while the All-Share Index gained 246.50 points, representing a 0.10 per cent increase, to settle at 243,299.24 points.
The positive movement was largely supported by gains among some medium- and large-capitalisation companies, including Nestlé Nigeria, Nigerian Exchange Group, First HoldCo, Custodian Investment and Dangote Sugar Refinery.
Despite the rise in overall market value, investor sentiment remained mixed during the session, with 28 stocks recording price declines compared with 19 gainers.
Royal Exchange and Nigerian Exchange Group recorded the strongest gains, with each advancing by 10 per cent. Royal Exchange closed at 99 kobo per share, while Nigerian Exchange Group ended at N162.80.
RT Briscoe followed closely, rising 9.88 per cent to N8.90 per share. Secure Electronic Technology gained 7.69 per cent to close at 70 kobo, while Prestige Assurance appreciated by 7.19 per cent to N1.49.
On the losing side, John Holt recorded the biggest decline, falling by 10 per cent to N8.10 per share. Daar Communications and Ellah Lakes each dropped by 9.80 per cent, closing at N1.38 and N9.20 respectively.
Regency Alliance Insurance also declined by 8.97 per cent to 71 kobo, while Learn Africa fell by 8.67 per cent to N7.90 per share.
Trading activity was weaker during the session, with total volume falling by 22.4 per cent to 428.97 million shares. The transactions were valued at N20.52 billion and executed through 54,592 deals.
Japaul Sterling Financial Holdings led the volume chart, with 78.05 million shares worth N588.87 million changing hands.
Mutual Benefits Assurance followed with 42.11 million shares valued at N118.14 million, while Chams Holding Company recorded 28.50 million shares worth N98.42 million.
Fidelity Bank traded 25.84 million shares valued at N497.82 million, while Access Holdings recorded 21.58 million shares worth N613.81 million.
The mixed performance comes as investors continue to assess developments across the Nigerian capital market, including the ongoing initial public offering of Dangote Refinery.
Market participants are expected to remain cautious as funds are divided between existing equities and new investment opportunities created by the refinery’s share offering.
Although the number of declining stocks exceeded gainers, the rise in market capitalisation shows the influence that movements in large and highly valued companies can have on the broader market.
Investors will be watching subsequent sessions for signs of whether the positive movement in major stocks can be sustained or whether profit-taking and cautious positioning will continue to weigh on market sentiment.
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