Nigerian stocks edge up, add N88bn as buying interest returns

The Nigerian equities market closed slightly higher on Monday, as renewed demand for selected stocks lifted overall performance, pushing market capitalisation up by N88 billion.

Market capitalisation rose by 0.06 per cent to N140.523 trillion, from N140.435 trillion recorded in the previous session. The All-Share Index also gained 135.97 points, or 0.06 per cent, to close at 218,249.81, compared with 218,113.84 on Monday.

The uptick was driven by buying interest in stocks including National Salt Company, Union Dicon Salt, WAPCO, Trans-Nationwide Express, and UAC of Nigeria.

Despite the marginal gain, market breadth remained negative, with 44 decliners compared to 25 gainers, reflecting mixed investor sentiment.

On the losers’ chart, Legend Internet fell 9.92 per cent to N5.63, while Abbey Mortgage Bank dropped 9.59 per cent to N6.60. Stanbic IBTC declined 8.96 per cent to N154.50, Access Corporation lost 8.83 per cent to N29.95, and Veritas Kapital shed 7.50 per cent to N1.85.

On the gainers’ side, National Salt Company rose 10 per cent to N171.60, followed by Union Dicon Salt, up 9.92 per cent to N19.95. WAPCO gained 9.64 per cent to close at N273, while Trans-Nationwide Express advanced 8.27 per cent to N7.20 and UAC of Nigeria climbed 7.84 per cent to N110.

Market activity weakened, with trading volume down 14.38 per cent to 842.48 million shares valued at N44.86 billion in 61,617 deals.

Access Corporation recorded the highest volume with 110.81 million shares, while MTN Nigeria led by value with transactions worth N6.55 billion, representing 14.60 per cent of total traded value.