Nigeria's equities market started the new month on a positive note, with a 1.61 percent increase on Monday, July 3. Investors are strategically positioning themselves in value stocks ahead of the half-year (H1) earnings season and the possibility of interim dividend announcements.
By the close of trading, the Nigerian Exchange Limited (NGX) All Share Index (ASI) and Market Capitalization rose to 61,949.24 points and N33.731 trillion, respectively, compared to the previous trading day's figures of 60,968.27 points and N33.197 trillion.
Japaul Gold, Eterna, Fidelity Bank, Linkage Assurance, and University Press were the top gainers during Monday's trading session.
The year-to-date (YTD) return for the stock market climbed to 20.87 percent, with investors recording approximately N534 billion in gains by the end of the trading day.
Japaul Gold increased from 70 kobo to 77 kobo, a gain of 7 kobo or 10 percent. Eterna rose from N21 to N23.10, representing an increase of N2.10 or 10 percent. Fidelity Bank saw an increase from N7 to N7.70, adding 70 kobo or 10 percent. Linkage Assurance moved from 70 kobo to 77 kobo, a gain of 7 kobo or 10 percent. University Press increased from N2.50 to N2.75, adding 25 kobo or 10 percent.
The most actively traded stocks were FCMB Group, UBA, Access Corporation, Jaiz Bank, and Transcorp. In a total of 12,128 deals, investors exchanged 1,205,487,439 shares valued at N14.039 billion.
As the equities market continues its upward trajectory, investors are optimistic about the upcoming H1 earnings season and potential interim dividends. The positive performance of value stocks has contributed to the overall YTD return, attracting more market participants and increasing trading activity.
Disclaimer: The stock market is subject to volatility, and investors are advised to conduct thorough research and seek professional advice before making any investment decisions.
