Nigerian Stock Market Starts New Month on a Bullish Note as Investors Gain N179 Billion
- Investors made N179 billion as the Nigerian stock market opened the week on a positive note, driven by demand for undervalued stocks
- New data showed that Multiverse led the market’s league of top gainers, followed by Livestock Feeds and Lasaco
- Analysts have provided insight into what to expect during the week and anticipate a slight improvement
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian stock market kicked off the new trading week on a positive note as market capitalisation surged by N179 billion on Monday, June 2, 2025.
Data from the Nigerian Exchange Limited (NGX) showed that the All-Share Index (ASI) and market capitalisation increased from 111,742.01 points and N70.462 trillion to 112,026.24 points and N70.641 trillion.
Source: Getty Images
Market capitalisation is the current value of a publicly traded company, based on the total value of all its outstanding shares.
When it increases, investors gain, and when it decreases, investors lose.
Stock market: Analysts' projection for the week
Stock market analysts have shared their expectations for the market in the week ahead.
United Capital Research analysts said in their recent note that they expect the market to close on a positive note.
"The equities market may see modest gains driven by excess liquidity and early investor positioning ahead of the Q2 earnings season, with interest in companies showing FX gains, strong growth, cost efficiency, and potential for interim dividends."
For Vetiva Research, analysts expect a mixed performance.
Its note read:
"As June begins, the market may experience a mixed start, with portfolio rebalancing and expected dividends offering short-term support, though sideways trading could continue due to a lack of strong catalysts and low volumes."
Futureview research analysts on June 2, 2025, noted that:
“We anticipate a mixed performance in the equities market this week, with a modest bullish bias supported by anticipated buying activity”.
Source: Getty Images
Snapshot of the stock market on Monday
On Monday, the market recorded 17,019 deals as investors exchanged 517,950,316 shares valued at N10.07 billion, BusinessDay reports.
Top 5 gainers:
- Multiverse Mining and Exploration Plc rose by N0.75, increasing from N7.60 to N8.35 per share (+9.87%).
- Livestock Feeds Plc gained N0.90, moving from N9.40 to N10.30 per share (+9.57%).
- Lasaco Assurance Plc added N0.21, rising from N2.59 to N2.80 per share (+8.11%).
- Neimeth International Pharmaceuticals Plc appreciated by N0.25, climbing from N3.10 to N3.35 per share (+8.06%).
- Royal Exchange Plc advanced by N0.06, up from N0.80 to N0.86 per share (+7.50%).
Top 5 decliners:
- Legendary Investments Plc fell by N0.61, dropping from N6.16 to N5.55 per share (-9.90%).
- Nigerian Soft Technologies Plc declined by N0.06, decreasing from N0.61 to N0.55 per share (-9.84%).
- Etranzact International Plc shed N0.65, falling from N6.80 to N6.15 per share (-9.56%).
- Universal Paints Plc dropped by N0.55, moving from N5.90 to N5.35 per share (-9.32%).
- Mcnichols Plc declined by N0.19, decreasing from N2.60 to N2.41 per share (-7.31%).
Top 5 trades by volume:
- Fidelity Bank Plc recorded 98,819,539 shares valued at N1,877,875,868.85
- Royal Exchange Plc traded 58,445,180 shares worth N50,241,921.53.
- Access Holdings Plc exchanged 55,165,282 shares, amounting to N1,206,977,451.75.
- Cutix Plc registered 32,260,755 shares valued at N101,048,297.67.
- United Capital Plc posted 27,177,947 shares worth N534,384,652.45.
Tony Elumelu buys more UBA shares
Earlier, Legit.ng reported that Tony Elumelu, chairman of United Bank for Africa, recently purchased over 45 million shares, increasing his stake in the company.
UBA is raising its capital base from N355.2 billion to N500 billion to meet the CBN's mandate for commercial banks with foreign licenses
The bank plans to complete this capital increase by the third quarter of 2025, ahead of the CBN's March 2026 deadline
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Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
