Nigerian stocks started with a good trading week on Monday as investors gained N851 billion yesterday. This increase was inspired by the jump in Dangote Cement Plc and 70 other companies.
The All-Share Index (ASI) rose to 1,563.28 points, or 2.48%, to settle at 64,603.69 points, this is the highest level since March 17, 2008. While market capitalization increased by N851 billion to N35.177 trillion.
The recovery was fueled by price declines in big and medium-cap equities such as Dangote Cement, Conoil, MRS Oil Nigeria, MTN Nigeria Communications (MTNN), and Stanbic IBTC Holdings.
Analysis Report at United Capital Plc: “We expect the bullish sentiments in the equities market to persist on the back of the attractiveness of the market over the depressed rates in the fixed-income market.
“Also, we believe the positive sentiments around the new policies to continue to drive the rally in the market. Lastly, we expect investors to begin to take positions ahead of the upcoming Q2, 2023 earnings season.”
As measured by market breadth, market sentiment was positive, with 71 equities gaining versus 19 losers. DAAR Communications, Dangote Cement, MRS Oil Nigeria, Neimeth International Pharmaceuticals, and Jaiz Bank all gained 10% to close at 22 kobo, N330.10, N109.45, N2.20, and N1.98 per share, respectively.
Read more: https://www.investingport.com/stocks-gain-yesterday-by-n85bn-as-market-sentiments-was-positive/