Stock Market Opens Week Strong, Gains N851bn

The All-Share Index gained 1,563.28 points, representing a gain of 2.48 per cent, the highest point since March 17, 2008, to close at 64,603.69 points. Also, market capitalisation rose by N851 billion to close at N35.177 trillion.

The upturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Dangote Cement, Conoil, MRS Oil Nigeria, MTN Nigeria Communications and Stanbic IBTC Holdings. This week, analysts at United Capital Plc said: “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, as 71 stocks gained relative to 19 losers. DAAR Communications, Dangote Cement, MRS Oil Nigeria, Neimeth International Pharmaceuticals and Jaiz Bank emerged the highest price gainer of 10 per cent each to close at 22 kobo, N330.10, N109.45, N2.20 and N1.98 respectively, per share.

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