Fidelity Bank Plc was reportedly the most active stock on Monday, June 10, 2024, at the Nigerian stock market, as a strong positive sentiment led Nigerian equities to a net capital gain of N324 billion in the first trading session of the week.
Chronicle NG reports that the market opened with widespread positive sentiment as investors sought to lock into value stocks in the high-end sectors of oil and gas, construction, and manufacturing. With three gainers for every loser, the market closed with an average return of 0.58 percent, equivalent to a net capital gain of N324 billion.
The momentum of activities also improved considerably, as total turnover rose by 148.33 percent to 963.541 million shares valued at N13.498 billion in 8,657 deals.
Fidelity Bank topped the activity chart with 605.257 million shares valued at N6.025 billion. Fidelity Bank’s activities appeared to be driven by buy sentiment as the stock closed within the top 15 gainers with a gain of 6.52 percent to close at N9.80 per share.
The All Share Index (ASI), the common value-based index that tracks all share prices at the Nigerian Exchange (NGX), rose by 0.58 percent to close at 99,793.71 points as against its opening index of 99,221.14 points.
The aggregate market value of all quoted equities also increased simultaneously from its opening value of N56.128 trillion to its closing value of N56.452 trillion.
Other active stocks included Access Holdings, which recorded a turnover of 93.067 million shares worth N1.744 billion. United Bank for Africa (UBA) traded 58.726 million shares valued at N1.261 billion. Nigerian Breweries traded 45.256 million shares valued at N1.267 billion, while Zenith Bank traded 16.079 million shares worth N539.552 million.
Analysts at Futureview Financial Services said they anticipated mixed sentiment in the equities market, primarily due to the enduring allure of the fixed income market among investors. “This interest is fueled by expectations of increased rates in the Nigerian Treasury Bill (NTB) auction and the impending release of the inflation rate.
However, amidst these factors, there remains an opportunity for sustainable growth, particularly in fundamentally strong stocks that currently find themselves in the oversold region. We foresee a selective pursuit of bargains, particularly in dividend-paying stocks, driven by the nearing corporate qualification and payment,” Futureview stated.
