Stock Market Opens New Week Positively As Banks, Consumer Goods Rally
- The Nigerian stock market kicked off the new week with a strong performance as investors on Monday
- Data shows that consumer goods, banking and insurance stocks pushed the market higher once again
- Cadbury, International Breweries, Fidson and Eterna recorded the biggest gains after 4 hours of trading
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian stock market kicked off the new trading week positively, thanks to gains recorded in the banking and consumer goods sectors.
Data published by Nigerian Exchange Limited showed that the All-Share Index rose from 105,752.61 points to 106,116.18 points, while the equities market capitalisation increased from N66.465 trillion to N66.693 trillion.
This means stock investors made a collective gain of approximately N228 billion.
Source: Getty Images
Explaining performance on Monday, Futureview research analysts said.
"“We anticipate a positive performance in the equities market this week, supported by strong corporate earnings releases and sustained dividend positioning by investors.
“Investor focus is expected to stay on undervalued, dividend-paying stocks as they seek stable returns in the near term.”
Snapshot of the market
On Monday, investors in 17,637 deals exchanged 500,594,807 shares worth N12.110 billion.
Stocks like Access Holdings, Fidelity Bank, UBA, GTCO, and Nigerian Breweries were actively traded.
Here is a breakdown of market performance on Monday.
Top gainers:
- International Breweries Plc: Last closed at N7.70, now N8.47, gaining N0.77 (+10.00%).
- Legend Intercontinental Plc: Last closed at N6.82, now N7.50, gaining N0.68 (+9.97%).
- Cadbury Nigeria Plc: Last closed at N26.60, now N29.25, gaining N2.65 (+9.96%).
- Fidson Healthcare Plc: Last closed at N18.60, now N20.45, gaining N1.85 (+9.95%).
- Eterna Plc: Last closed at N39.90, now N43.85, gaining N3.95 (+9.90%).
Source: Getty Images
Top losers:
- Livestock Feeds Plc: Last closed at N9.50, now N8.55, losing N0.95 (-10.00%).
- Aradel Holdings Plc: Last closed at N497.00, now N448.00, losing N49.00 (-9.86%).
- Tripple Gee and Company Plc: Last closed at N1.98, now N1.79, losing N0.19 (-9.60%).
- John Holt Plc: Last closed at N6.30, now N5.80, losing N0.50 (-7.94%).
- Linkage Assurance Plc: Last closed at N1.30, now N1.22, losing N0.08 (-6.15%).
Top active trades:
- Access Holdings Plc: 60,867,183 shares traded, valued at N1.45 billion.
- Fidelity Bank Plc: 56,105,887 shares traded, valued at N1.13 billion.
- United Bank for Africa Plc: 34,529,886 shares traded, valued at N1.17 billion.
- Guaranty Trust Holding Company Plc: 33,497,705 shares traded, valued at N2.18 billion.
- Nigerian Breweries Plc: 28,336,963 shares traded, valued at N1.15 billion.
Names of bank CEOs with highest salaries in Nigeria
Ealier, Legit.ng reported that Nigerian banks recorded strong financial performance in 2024, resulting in higher payouts for their executive.
Data shows that the combined take-home pay of CEOs from nine commercial banks totalled over N2 trillion.
Zenith Bank CEO, Adaora Umeoji, leads the list with the highest executive compensation for 2024.
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Source: Legit.ng
