See more as Nigerian stock market starts new week on a bullish note, investors gain N179 billion

• Investors made N179 cardinal arsenic the Nigerian banal marketplace opened the week connected a affirmative note, driven by request for undervalued stocks
• New information shows that Multiverse led the market’s league of apical gainers, followed by Livestock Feeds and Lasaco
• Analysts person provided penetration into what to expect during the week and expect a flimsy improvement

Legit.ng journalist Dave Ibemere has implicit a decennary of acquisition successful business journalism, with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

The Nigerian banal marketplace kicked disconnected the caller trading week connected a affirmative enactment arsenic marketplace capitalisation surged by N179 cardinal connected Monday, June 2.

Data from the Nigerian Exchange Limited (NGX) showed that the All-Share Index (ASI) and marketplace capitalisation accrued from 111,742.01 points and N70.462 trillion, respectively to 112,026.24 points and N70.641 trillion.

Nigerian banal investors grounds a gain Photo credit: Bloomberg/contributor
Source: Getty Images

Market capitalisation is the existent worth of a publically traded company, based connected the full worth of each its outstanding shares.

When it increases, investors gain, and erstwhile it decreases, investors lose.

Analyst projection for the week

Stock marketplace analysts person shared their expectations for the marketplace successful the week ahead.

United Capital Research analysts said successful their caller enactment that they expect the marketplace to adjacent connected a affirmative note.

"The equities marketplace whitethorn spot humble gains driven by excess liquidity and aboriginal capitalist positioning up of the Q2 net season, with involvement successful companies showing FX gains, beardown growth, outgo efficiency, and imaginable for interim dividends."

For Vetiva Research, analysts expect a mixed performance.

Its enactment read:

"As June begins, the marketplace whitethorn acquisition a mixed start, with portfolio rebalancing and expected dividends offering short-term support, though sideways trading could proceed owed to a deficiency of beardown catalysts and debased volumes."

Futureview probe analysts said successful their June 2 enactment that:

“We expect a mixed show successful the equities marketplace this week, with a humble bullish bias supported by anticipated buying activity”.

Stock marketplace investors commencement the caller week with N187bn gain Photo credit: filadendron
Source: Getty Images

Snapshot of the banal marketplace connected Monday

On Monday, the marketplace recorded 17,019 deals, investors exchanged 517,950,316 shares valued astatine N10.07 billion.

Top 5 gainers:

• Multiverse Mining and Exploration Plc roseate by N0.75, expanding from N7.60 to N8.35 per stock (+9.87%).
• Livestock Feeds Plc gained N0.90, moving from N9.40 to N10.30 per stock (+9.57%).
• Lasaco Assurance Plc added N0.21, rising from N2.59 to N2.80 per stock (+8.11%).
• Neimeth International Pharmaceuticals Plc appreciated by N0.25, climbing from N3.10 to N3.35 per stock (+8.06%).
• Royal Exchange Plc precocious by N0.06, up from N0.80 to N0.86 per stock (+7.50%).

Top 5 decliners:

• Legendary Investments Plc fell by N0.61, dropping from N6.16 to N5.55 per stock (-9.90%).
• Nigerian Soft Technologies Plc declined by N0.06, decreasing from N0.61 to N0.55 per stock (-9.84%).
• Etranzact International Plc shed N0.65, falling from N6.80 to N6.15 per stock (-9.56%).
• Universal Paints Plc dropped by N0.55, moving from N5.90 to N5.35 per stock (-9.32%).
• Mcnichols Plc declined by N0.19, decreasing from N2.60 to N2.41 per stock (-7.31%).

Top 5 trades by volume:

• Fidelity Bank Plc recorded 98,819,539 shares valued astatine N1,877,875,868.85
• Royal Exchange Plc traded 58,445,180 shares worthy N50,241,921.53.
• Access Holdings Plc exchanged 55,165,282 shares, amounting to N1,206,977,451.75.
• Cutix Plc registered 32,260,755 shares valued astatine N101,048,297.67.
• United Capital Plc posted 27,177,947 shares worthy N534,384,652.45.

Tony Elumelu buys much UBA shares

Earlier, Legit.ng reported that Tony Elumelu, president of United Bank for Africa, precocious purchased implicit 45 cardinal shares, expanding his involvement successful the company

UBA is raising its superior basal from N355.2 cardinal to N500 cardinal to conscionable the CBN's mandate for commercialized banks with overseas licenses

The slope plans to implicit this superior summation by the 3rd 4th of 2025, up of the CBN's March 2026 deadline

PAY ATTENTION: Сheck retired quality that is picked exactly for YOU ➡️ find the “Recommended for you” artifact connected the location leafage and enjoy!

Source: Legit.ng