NGX gains N3bn despite cautious investor trading

The Nigerian Exchange Limited closed the first weekday of trading on a modest positive note, gaining about N3bn as investors adopted a cautious stance amid mixed sentiment across sectors.

Market capitalisation edged up to about N95.3tn, while the All-Share Index (ASI) inched higher by 4.62 points to close at 149,437.88, reflecting mild buying interest despite weaker market turnover.

A total of 553.16 million shares valued at N13.27bn were traded in 28,888 deals, representing a three per cent decline in trading volume and a 54 per cent drop in turnover compared with the previous session.

However, the number of deals rose by 42 per cent. Analysts said the subdued activity suggested investors were selective, positioning cautiously amid ongoing portfolio rebalancing and profit-taking in some large-cap stocks.

It was followed by Guinness Nigeria Plc, which advanced by 9.96 per cent to N239.50; MeCure Industries Plc, up by 9.88 per cent to N41.70; and First HoldCo Plc, which gained 9.86 per cent to close at N34.55. AIICO Insurance Plc and Alex Industries Plc also recorded notable gains during the session.

On the losing side, Prestige Assurance Plc topped the decliners’ table after shedding 10 per cent to close at N1.53 per share. FTN Cocoa Processors Plc declined by 8.16 per cent to N4.50, while Guinea Insurance Plc lost 7.69 per cent to close at N1.08.