The equity market kicked off the new week on a bullish note, driven by renewed interest in banking stocks. Last week, the financial services sector experienced a downturn on the Nigerian Exchange Limited due to retracement in the prices of key stocks such as Ecobank Transnational Incorporated, NEM Insurance, United Bank for Africa, FCMB Group, and AIICO, alongside investors' preference for stocks listed on the industrial goods index.

However, Monday's trading session saw sub-sector indices showing bullish results, with the banking index leading gainers with a two per cent increase. This surge was fueled by buy pressure in Wema Bank, Zenith Bank, UBA, Access Holdings, and Fidelity Bank Plc. The Insurance sector also recorded a gain of 1.48 per cent, while the Consumer and Industrial Goods indexes saw mild gains of 1.09 per cent and 0.11 per cent, respectively. On the other hand, the Oil/Gas sector was the sole loser, declining by 0.23 per cent, primarily due to sell sentiments in Eterna Plc.

By the close of trading, the benchmark index of the NGX rose by 0.70 per cent to reach 102,044.84 points, reflecting a year-to-date return of 36.47 per cent. This positive trading sentiment propelled the market capitalisation to N57.6tn, resulting in investors gaining about N404bn. Additionally, market sentiments were positive as 34 securities recorded gains compared to 16 losers.

Among the gainers were Honeywell Flourmill and NEM Insurance, each gaining 10 per cent to close at N3.74 and N6.05, respectively. Dangote Sugar stocks also appreciated by 9.97 per cent to close at N61.20. Conversely, Prestige Assurance, LASACO, and UAC Nigeria lost 10 per cent, 9.83 per cent, and 9.68 per cent, closing at N0.54, N2.11, and N12.60 per unit, respectively.

Overall, trading activities across the stock market displayed positive sentiment, with total deals and volume rising by 5.17 per cent and 22 per cent to 11,344 trades and 436.90 million units. However, the total value declined by 13.98 per cent to N17.10bn. The shares of Guaranty Trust Holding Company emerged as the most traded security by volume, with 96.63 million units exchanged in 493 trades, while Transcorp Power, listed last Monday, emerged as the most traded security in terms of value, totaling N5.93bn.

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