The local stock market starts the week on an uptrend

Trading activity at the Nigerian Exchange Limited (NGX) started the new week on a high note as the benchmark rose 0.51% on Monday.

The bullish sentiment with which the local stock market started the week was supported by investor demand for shares of MTN Nigeria and Zenith Bank which appreciated by 1.2% and 4.4% respectively.

Consequently, the year-to-date (YTD) yield rose to 9.72%, while the market capitalization gained 127.49 trillion naira to close at 25.27 trillion naira.

As measured by market breadth, market sentiment was also positive, as 31 tickers gained versus 12 losers.
On the performance chart, NAHCO and UACN posted the highest gains of the day after appreciating 10.0% and 9.9%, while Academy Press and Mutual Benefits topped the list of losers. after the price of each share fell 9.6% and 7.7%. .

Further analysis indicated that the performance of the sector was broadly positive, with the Banking, Insurance and Industrials indices closing up 2.8%, 1.4% and 0.2%, while the Oil and gas fell 0.1%. The consumer goods index closed flat.

Market activity for the day under review was impressive as trade turnover came in on the upside from the previous session, with trade value up 117.91%.

Specifically, a total of 224.64 million shares worth N3.82 billion were traded in 5,946 transactions. Guaranty Trust Holding Company topped the volume chart with 43.25 million units traded, while MTN Nigeria topped the value chart with trades worth N1.03 billion.


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