The Nigerian equities market experienced a minor dip on Monday as investors cashed in on recent gains, yet the broader outlook remains overwhelmingly positive with the market delivering a staggering 44.50 percent return since the start of the year. This resilience underscores strong investor confidence in the face of normal market adjustments.
Despite the All-Share Index (ASI) falling by 0.50 percent due to sell-offs in stocks like NAHCO, MBENEFIT, and AIICO, the market's foundational strength is undeniable. The Month-to-Date (MtD) return stands firm at 3.47 percent, and the market capitalization held strong at N94.53 trillion ($65.80 billion).
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According to a BusinessDay report, market turnover for the session was N11.35 billion, traded across 32,538 deals. While this represented a decline from the previous session, trading activity remained robust with top performers including DANGCEM (N2.15 billion), ZENITHBANK (N1.31 billion), and WAPCO (N1.05 billion). The fixed income market also remained steady at N52.60 trillion ($36.61 billion), reflecting a balanced and confident capital market.
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Commenting on the market's dynamics, David Adonri, Vice-Chairman of HighCap Securities, provided expert insight. He stated, “Short-term market adjustments are normal in a dynamic market like Nigeria’s. The underlying fundamentals remain strong, and the year-to-date performance highlights the resilience and depth of our capital markets.”
This sentiment was echoed by market breadth, which recorded 0.31x, indicating that 13 equities saw gains against 42 decliners. Analysts view such fluctuations not as a sign of weakness, but as strategic opportunities for long-term investors to reposition their portfolios.
With the All-Share Index still up 44.50 percent year-to-date and market capitalization anchored above N94 trillion, analysts remain highly optimistic. The market is projected to close the year on a powerful note, driven by improving macroeconomic conditions and active domestic participation. The ongoing liquidity in high-performing stocks and the overall stability continue to attract both local and foreign investors, reinforcing the positive sentiment surrounding one of the world's best-performing equities markets this year.
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