The Nigerian stock market opened the week positively, driven by bargain hunting in Aradel Holdings, which rose nearly 10%.

The NGX All-Share Index gained 0.14%, reaching ₦59 trillion in market capitalisation.

Analysts expect a mixed week with selective buying and support from banking rights issues.

The Nigerian stock market began the week on a positive note, with the equities market rising by 0.14% on Monday.

This upward movement was primarily driven by a wave of bargain hunting, particularly in newly listed Aradel Holdings.

Aradel, which had recently hit a record low, saw its share price surge nearly 10%, from ₦485.30 to ₦533.80, thus leading the day’s top advancers.

Similarly, other stocks followed suit.

Custodian Investment rose by 8.62%, moving from ₦11.60 to ₦12.60, while Eunisell Interlinked increased by 10%, from ₦8.20 to ₦9.02.

Additionally, John Holt saw notable gains, climbing from ₦4.81 to ₦5.29, a 9.98% rise.

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By the close of trading, the NGX All-Share Index (ASI) stood at 97,374.25 points, up from 97,236.19 points, and market capitalisation grew to ₦59.003 trillion from ₦58.920 trillion.

In total, 9,902 deals were made, with investors trading 297,829,975 shares worth ₦7.517 billion.

Sterling, UBA, Access Holdings, Flour Mills, and FBN Holdings were the most traded stocks.

However, not all stocks performed well. United Capital’s share price fell by 9.78%, dropping from ₦17.90 to ₦16.15.

Looking ahead, analysts from Futureview expect a mixed performance throughout the week, driven by selective buying in fundamentally strong stocks with recent price pullbacks.

Meanwhile, Meristem analysts predict positive movement in banking, oil and gas, and select industrial goods sectors.

Nonetheless, caution remains due to inflation concerns and the potential for rate hikes.