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Nigerian equities opened the new trading week strongly, with market capitalisation rising by ₦1.91 trillion to ₦160.421 trillion as the NGX All-Share Index climbed 1.20 percent to 248,529.75 points.
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Despite the sharp rise in the benchmark index, market breadth remained slightly negative, with 22 gainers against 24 decliners, pointing to a selective rally across the market.
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FTGINSURE, CHAMS and NAHCO led the gainers, while AVA CAP, ETI, and CAVERTON recorded the biggest declines as investors continued to reposition across individual counters.
August 10, (THEWILL) — The Nigerian equities market opened the new week on a strong footing, with investors gaining approximately ₦1.91 trillion as the benchmark NGX All-Share Index recorded a significant increase.
Market capitalisation rose from ₦158.513 trillion at the opening of trading to ₦160.421 trillion at the close, representing a ₦1.908 trillion increase in investors’ wealth.
The NGX All-Share Index also advanced by 2,956.15 points, or 1.20 percent, to close at 248,529.75 points from 245,573.60 recorded at the previous
Market breadth remained negative during the session, with 23 equities recording gains against 37 decliners, indicating that selling pressure outweighed buying interest across the broader market.
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Top 5 Gainers
- FTGINSURE gained 10.00 percent (N2.60 to N2.86).
- CHAMS gained 9.80 percent (N4.08 to N4.48).
- NAHCO gained 9.29 percent (N140.00 to N153.00).
- AIRTELAFRI gained 8.59 percent (N5,801.40 to N6,300.00).
- SOVRENINS gained 6.59 percent (N1.67 to N1.78).
Top 5 Decliners
- AVACAP declined by 10.00 percent (N11.00 to N9.90).
- ETI declined by 9.92 percent (N72.10 to N64.95).
- CAVERTON declined by 9.09 percent (N5.50 to N5.00).
- IKEJAHOTEL declined by 8.41 percent (N47.00 to N43.00).
- FTNCOCOA declined by 8.37 percent (N8.84 to N8.10).
Despite the positive movement in the benchmark index, investor sentiment remained cautious and selective as investors continued to rotate funds across individual counters. The session saw renewed interest in insurance, technology, aviation and telecommunications stocks, while profit-taking weighed heavily on some previously strong performers.
The mixed performance suggests that investors remain willing to take positions in stocks with strong momentum and attractive valuations, even as they lock in gains from counters that have rallied significantly in recent sessions.
Going into the next trading session, investors are likely to watch whether the strong upward movement in the ASI can be sustained and whether buying interest will broaden across more counters.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
