Emmanuel Ochayi
Market Records Positive Session
Nigeria’s stock market experienced a modest gain in a session marked by lighter trading. The market rose by 0.01 per cent, equivalent to a N6 billion increase, driven by investor interest in Seplat Energy, Cutix, United Capital, and other key stocks.
Investor Confidence Amid Volatility
Despite the overall decrease of 0.35 per cent this week, the market has seen a slight monthly rise of 0.08 per cent. Year-to-date (YtD) returns have also improved slightly, reaching 32.93 per cent.
Join our WhatsApp ChannelBola Afolabi, an independent market analyst, commented, “The market’s resilience in the face of economic challenges is notable. Investors are showing selective confidence, particularly in energy and financial sectors.”
Key Advancers Lead the Market
Cutix led the market’s gainers, with its share price rising from N4 to N4.40, a 10 per cent increase. Seplat Energy followed, with its share price moving from N3,450 to N3,794.90, also a 10 per cent gain.
Oluwaseun Ajayi, a retail investor, said, “I chose to invest in Seplat Energy due to its robust performance and the potential for future growth in the energy sector.”
Other Notable Gainers
Lasaco’s share price increased from N2.11 to N2.32, up by 9.95 per cent. CWG saw a rise from N6.60 to N7.25, marking a 9.85 per cent increase. United Capital’s shares grew from N21.95 to N24.10, adding 9.79 per cent.
READ ALSO: Nigerian Stock Market Gains N15.25trn In First 5 Months Of 2024
Market Indicators Show Positive Movement
The All Share Index (ASI) and market capitalisation saw increases, reaching 99,396.23 points and N56.227 trillion, respectively. This is a slight improvement from the previous day’s figures of 99,385.44 points and N56.221 trillion.
Active Trading in Key Stocks
Stocks like GTCO, UACN, Access Holdings, Consolidated Hallmark Holdings, and Universal Insurance were actively traded. A total of 529,369,235 shares worth N10.493 billion were exchanged in 7,616 deals.
Chukwuemeka Eze, a financial analyst, noted, “The active trading in these stocks indicates a healthy level of market participation. It suggests that investors are still keen on opportunities within the market.”
Outlook and Future Trends
Looking ahead, analysts expect the market to continue experiencing fluctuations. However, sectors such as energy and financial services are likely to attract more investor interest due to their potential for stable returns.
“I believe that the market will stabilise as economic policies become clearer. The energy sector, in particular, holds significant promise,” said Afolabi.
In summary, while Nigeria’s stock market recorded a modest gain in a session of lighter trading, the positive movements in key stocks indicate selective investor confidence. The market’s resilience and active participation in trading suggest a cautiously optimistic outlook for the near future.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
