Nigerian Stock Market posts N285bn gain as ASI climbs 0.31%, led by Julius Berger, Cutix, and insurance stocks amid strong investor sentiment

The Nigerian Stock Market opened the week on a strong footing, extending last Friday’s bullish rally with a fresh gain of N285 billion in market capitalisation.

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Renewed investor appetite in heavyweight stocks such as Julius Berger, Cutix, Regency Alliance Insurance, Veritas Kapital, MC Nicholas, and 36 others helped lift the market indices higher, consolidating positive momentum.

At the close of trading on Monday, the market capitalisation advanced by 0.31% to settle at N89.493 trillion, up from N89.208 trillion on Friday. Similarly, the All-Share Index (ASI) gained 435.63 points to close at 141,439.77.

Market breadth remained upbeat as 40 gainers outweighed 17 losers. Julius Berger topped the list, soaring by 9.93% to N146.10.

Cutix followed with a 9.86% increase to N3.90, while Regency Alliance Insurance and Veritas Kapital gained 9.70% and 9.60% respectively. MC Nicholas also rose 9.38% to N3.50.

On the flip side, University Press led the losers with a 9.92% drop to N5.54. Cadbury Nigeria fell 9.61% to N57.85, while Abbey Mortgage Bank, DAAR Communications, and Austin Laz also closed lower.

Despite the bullish run, market activity slowed in terms of volume and value. Investors exchanged 591.2 million shares worth N11.7 billion in 33,342 deals, compared with 1.3 billion shares valued at N47.8 billion traded last Friday.

FCMB led the activity chart with 105.13 million shares worth N1.14 billion. Veritas Kapital followed with 59.6 million shares, while Universal Insurance, AIICO Insurance, and Guaranty Trust Holding Company also recorded significant volumes.

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The Nigerian Stock Market continues to ride on investor optimism, with analysts noting that sustained interest in blue-chip and insurance stocks could further fuel momentum in the coming sessions.