The Nigerian stock market closed slightly higher after last week’s sell-off.
The All-Share Index rose 0.10%, or 246.5 points, to 243,299.24. Friday’s close was 243,052.74. Market capitalisation finished at ₦157.75 trillion, up about ₦160 billion from Friday’s ₦157.59 trillion. The market is still up about 56.35% for the year.
How the session felt This was a cautious rebound, not a strong rally. The index ticked up, but more stocks fell than rose, and many others were unchanged. Trading was also quieter than Friday.
Investors exchanged 428.94 million shares worth ₦20.51 billion in 54,506 deals.
Why last week was weak Last week the All-Share Index fell 1.60% and market value dropped about ₦1.96 trillion. Many investors sold shares to free up cash ahead of the Dangote Refinery IPO, which opened for subscription today. Banking, insurance, industrial and consumer stocks were hit hardest. Oil and gas names held up better.
Monday’s small gain looks like a pause after that selling, not a clear turn.
Stocks that stood out Top gainers:
- NGX Group +10% to ₦162.80
- Royal Exchange +10%
- R.T. Briscoe +9.88%
- Custodian Investment and Prestige Assurance also rose
Biggest loser:
- John Holt -10% to ₦8.10
Large names such as Airtel Africa, Dangote Cement, MTN Nigeria, BUA Foods and BUA Cement were mostly flat. Sterling led by volume. Aradel led by value.
What to watch next The Dangote Refinery IPO is the main event this week and will compete with listed stocks for cash. If money keeps moving into the offer, the market may stay choppy even after today’s small rise.
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