Market capitalization in the equity sector approaches the N60 trillion mark
The Nigerian Exchange witnessed an increase in market capitalization by approximately N1.24 trillion by the close of Monday's trading, reaching a total of N57.28 trillion and edging closer to the historic N60 trillion milestone.
This surge was fueled by a 9.93% rise in the market value of Dangote Cement, reaching N13 trillion from the previous N11.8 trillion at the Friday closing. Additionally, Dangote Sugar Refinery Plc achieved a market valuation of N1 trillion as its shares climbed to N82.65.
The All-Share Index, the exchange's benchmark, rose by 2.22%, concluding at 104,674.67 points, and the year-to-date gains reached an improved 39.99%.
However, market breadth, a gauge of investors' sentiment, turned negative compared to the preceding day, with 25 gainers and 39 losers.
Oando spearheaded the gainers, registering a 9.96% increase to conclude at N13.80. Dangote Cement followed closely with a 9.93% rise, reaching a closing price of N763, while Tripple G experienced a 9.89% appreciation, closing at N3.11.
Conversely, Daar Communications and Ikeja Hotel both witnessed a 10% decline, settling at N0.81 and N6.75, respectively, securing the top positions on the losers' table.
Cadbury, having incurred a loss of N27 billion in the 2023 financial year, experienced a depreciation of 9.80%, concluding at N20.70. Similarly, the NPF Microfinance Bank saw an 8.88% decrease, closing at N1.95.
JapaulGold, Dangote Cement, Transcorp, United Bank for Africa, Zenith Bank, and Guaranty Trust Holding Company Plc were the primary volume and value drivers in the market trend for the day.
By the end of the trading session, the transaction volume surged to 683.93 million, surpassing the 519.39 million traded the previous day. The trade's total value amounted to N25.93 billion, resulting from 15,887 executed deals.
Analysts foresee the continuation of the bullish run in the market in the coming week, with heightened anticipation for additional corporate earnings releases. However, the potential for profit-taking exists as investors may engage in sectoral rotation, capitalizing on stocks undergoing pullbacks to strategically position themselves.
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