Emmanuel OchayiNigeria’s equity market opened the week with a minor gain of 0.08% on Monday, March 10, as stocks like Eterna, Transcorp, and FCMB Group recorded notable increases. The Nigerian Exchange Limited (NGX) saw positive movement in the All-Share Index (ASI) and market capitalisation, reflecting steady investor participation.
At the close of trading, the ASI rose from 106,538.6 points to 106,621.91 points, while market capitalisation increased from N66.717 trillion to N66.769 trillion. The market’s year-to-date return now stands at 3.59%.
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Active Stocks Drive the Equity Market
Several stocks contributed to the slight upward movement in the market. Eterna saw a significant increase from N34.15 to N37.55, gaining N3.40 or 9.96%. Transcorp also performed well, rising from N46.90 to N51.55, adding N4.65 or 9.91%.
Similarly, FCMB Group advanced from N9.10 to N10, gaining 90 kobo or 9.89%. Africa Prudential increased from N33 to N36.25, rising by N3.25 or 9.85%. These performances helped sustain positive momentum in the equity market.
Market Activity and Major Laggards
Investors were active on the Bourse, with 364,968,997 shares exchanged in 14,565 deals, amounting to N17.63 billion. Fidelity Bank, Access Holdings, Zenith Bank, Africa Prudential, and UBA saw significant trading volumes.
However, some stocks faced losses. VFG Group, Cadbury, International Energy Insurance, Cornerstone Insurance, and Honeywell were among the major laggards. Their declines weighed on the market, limiting the overall gain.
Outlook for the Equity Market
The equity market continues to show resilience despite fluctuations in stock performance. The slight gain reflects sustained investor interest in key sectors. Analysts expect that as more companies release financial reports, market sentiment could strengthen, leading to increased activity.
With the market’s return at 3.59%, investors remain watchful for new opportunities in the market, especially in banking, energy, and insurance stocks.
