Nigeria’s stock market opened the week on a strong note, as the All-Share Index (ASI) gained 0.30% on Monday to close at 139,394.75 points, while market capitalisation advanced to ₦88.199 trillion.
Top Gainers Drive Momentum
Driving this momentum, investors piled into select stocks.
University Press jumped 10% to ₦5.50, while PZ Cussons matched the performance with a climb to ₦35.20.
Meanwhile, Ellah Lakes surged nearly 10% to ₦14.27.
In addition, Legend Internet and NCR extended the rally, both recording gains of just under 10%.
Active Trading And Fresh Updates
Furthermore, trading activity remained robust.
Investors executed 36,036 deals as they exchanged 947.9 million shares worth ₦17.97 billion.
FCMB Group, Universal Insurance, Royal Exchange, Zenith Bank, and First Holdco stood out as the most actively traded stocks.
At the same time, analysts at CardinalStone struck a cautious tone.
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In their Model Equity Portfolio, they explained that they would maintain current positions while monitoring half-year audited results and possible interim dividend announcements from the banks.
They also emphasised that they would adjust portfolios if necessary and update investors through the Daily Market Summary.
Meanwhile, United Bank for Africa Plc injected fresh news into the market narrative.
The bank secured approval from the Securities and Exchange Commission to extend its ongoing Rights Issue.
Initially set to close on September 5, the offer will now run until September 19.
With this extension, UBA aims to give shareholders more time to exercise their rights and participate fully in the capital raise.
