Business and Economy

Stock market starts the week off with 0.13% gain on Monday

The Nigerian stock market started the week on a positive note, gaining 13 basis points and recovering some of the losses from the previous week to close at 99,665.05 points. Increased investor interest in Tier-1 banking stocks such as ZENITHBANK (+6.76%), GTCO (+9.55%), and UBA (+0.66%) outweighed the bearish sentiment in ACCESSCORP (-1.18%), STANBIC (-5.86%), and FIDELITYBK (-6.18%). Consequently, the year-to-date return increased to 33.29%, while market capitalization added ₦70.87bn to end at ₦56.37trn.

Today’s market analysis revealed a decrease in trade turnover compared to the previous session, with the value of transactions declining by 1.81%. A total of 306.62 million shares valued at ₦5.30bn were traded in 8,298 deals. GTCO (+9.55%) led both the volume and value charts with 50.16 million units exchanged in transactions worth ₦1.77bn.

Market breadth closed negatively with a ratio of 0.83-to-1, indicating that declining stocks outnumbered advancing ones. PRESTIGE (-9.84%) topped the list of laggards among seventeen others, while JAPAULGOLD (+9.58%) led the list of gainers among fourteen others.

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