Fidelity Bank Plc took the spotlight on Monday, June 10, 2024, at the Nigerian stock market as positive sentiment propelled Nigerian equities to a net capital gain of N324 billion in the first trading session of the week.
The market kicked off with a wave of optimism as investors showed interest in value stocks in sectors such as oil and gas, construction, and manufacturing.
With three gainers for every loser, the market closed with an average return of 0.58 per cent, resulting in a net capital gain of N324 billion.
Trading activities gained momentum significantly, with total turnover increasing by 148.33 per cent to 963.54 million shares valued at N13.50 billion in 8,657 deals. Fidelity Bank led the pack with 605.26 million shares valued at N6.03 billion.
The trading activity of Fidelity Bank seemed to be driven by a buying sentiment, as the stock closed among the top 15 gainers with a 6.52 per cent increase to close at N9.80 per share.
The All Share Index (ASI), which tracks all share prices at the Nigerian Exchange (NGX), rose by 0.58 per cent to close at 99,793.71 points, up from its opening index of 99,221.14 points.
The aggregate market value of all quoted equities also saw a simultaneous increase from its opening value of N56.13 trillion to close at N56.45 trillion.
Other active stocks included Access Holdings, with a turnover of 93.07 million shares worth N1.74 billion, United Bank for Africa (UBA) with 58.73 million shares valued at N1.26 billion, Nigerian Breweries with 45.26 million shares valued at N1.27 billion, and Zenith Bank with 16.08 million shares worth N539.55 million.
Analysts at Futureview Financial Services predicted a mixed sentiment in the equities market, driven by the continued attractiveness of the fixed income market among investors.
“While the fixed income market remains appealing due to expectations of increased rates in the Nigerian Treasury Bill (NTB) auction and the upcoming release of the inflation rate, there are opportunities for sustainable growth, especially in fundamentally strong stocks that are currently oversold.
“We anticipate a selective pursuit of bargains, particularly in dividend-paying stocks, as corporate qualification and payment deadlines approach,” Futureview stated.
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