March 09, (THEWILL) — Trading on the Nigerian equities market opened the week on a mildly positive note as investors selectively accumulated stocks across key sectors, pushing the market to a modest gain at the close of Monday’s session.
At the close of trading, the market capitalisation increased from N126.436 trillion at the opening of the session to N126.583 trillion, reflecting a gain of N147 billion.
Similarly, the benchmark NGX All-Share Index advanced from 196,968.15 points to 197,196.98 points, underscoring sustained investor interest in select counters despite the broader cautious sentiment in the market.
Market breadth, however, closed negative as 43 stocks declined against 27 gainers, suggesting that the day’s marginal advance was largely driven by strong rallies in a handful of equities rather than a broad-based market recovery.
Buying interest was particularly notable in oil and gas, financial services, and select mid-capitalisation stocks, where investors positioned in anticipation of improved corporate earnings and sector-specific developments.
THE TOP GAINERS INCLUDE:
1 CONOIL gained 10.00 percent (N169.00 to N185.90).
2 OMATEK 10.00 percent (opened at N2.20 and closed at N2.42).
3 LEGENDINT advanced by 10.00 percent (N6.40 to N7.04).
4 NGXGROUP 9.96 percent (appreciated from N150.95 to N166.00).
5 OANDO 9.93 percent (from N49.70 to N54.65).
On the other side,
1 ALEX -10.00 percent (fell from N15.50 to N13.95).
2 SCOA lost -9.90 percent (from N34.35 to N30.95).
3 RTBRISCOE -9.87 percent (N12.06 to N10.87).
4 SUNUASSUR dropped -9.81 percent (N4.79 to N4.32).
5 UNIONDICON -9.76 percent (dipped from N16.40 to N14.80).
Several bellwether stocks ended the session unchanged, including Dangote Cement, Lafarge Africa, Seplat Energy, Custodian Investment, and Julius Berger Nigeria, reflecting a cautious stance among investors toward large-capitalisation counters.
Market analysts note that while the benchmark index managed to close in positive territory, the negative breadth indicates lingering profit-taking in several stocks following recent rallies.
Going forward, investor sentiment is expected to remain influenced by corporate earnings expectations, macroeconomic developments, and liquidity conditions in the broader financial market.
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.
