The Nigerian equity market opened the week on a positive note, extending gains from the previous session with a N167 billion profit for investors.

Specifically, the market capitalisation, which opened at N56.441 trillion, gained N167 billion or 0.30 per cent to close at N56.608 trillion.

The All-Share Index also advanced by 0.30 per cent or 295 points to close at 99,966.28, compared to 99,671.28 recorded on Friday.

As a result, the Year-To-Date (YTD) return rose to 33.69 per cent.

The market’s performance was primarily driven by gains in MTN Nigeria, alongside Guaranty Trust Holding Company (GTCO), Zenith Bank, and other advanced stocks.

Market breadth closed positive with 29 gainers and 16 losers on the floor of the Exchange.

Cutix Plc led the gainers chart by 9.96 per cent to close at N5.08, followed by Ikeja Hotel, which gained 9.45 per cent to close at N6.95 per share.

Royalex gained 8.96 per cent to close at 73k, Sunu Assurances rose by 8.40 per cent to close at N1.29, and Red Star went up by 8.15 per cent to close at N4.38 per share.

On the other side, Chellaram Plc led the losers’ chart by 9.76 per cent to close at N3.70, while Abbey Mortgage Bank trailed by 7.04 per cent to close at N2.51 per share.

Jaiz Bank lost 5.78 per cent to close at N2.12, Ellah Lakes dropped 5.36 per cent to close at N3, and International Breweries shed 4.20 per cent to close at N3.88 per share.

An analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up 8.02 per cent.

A total of 362.43 million shares valued at N7.37 billion were exchanged in 8,405 deals, compared to 420.90 million shares valued at N6.82 billion exchanged in 7,617 deals posted in the previous session.

GTCO led the activity chart in volume and value with 66.90 million shares worth N3.06 billion, followed by Access Corporation with 44.95 million shares valued at N854.42 million.

First City Monument Bank (FCMB) sold 26.74 million shares valued at N203.08 million, Japaul Gold traded 21.45 million shares worth N41.68 million, and UACN transacted 20.34 million shares worth N287.79 million.

In its weekly forecast, analysts at Cowry Asset Management predicted that market momentum is expected to continue with ongoing bargain hunting and portfolio adjustments.

They suggested that this is in anticipation of the June Consumer Price Index and half-year corporate earnings reports.

According to the analysts, these upcoming economic indicators are likely to influence investors’ decisions and market trends in the face of weak sentiments.

“As the changing market structure and fundamentals persist, investors are advised to position themselves in stocks with sound fundamentals,” they said. (NAN)