Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian stock market kicked off the new trading week on a positive note as market capitalisation surged by N179 billion on Monday, June 2.
Data from the Nigerian Exchange Limited (NGX) showed that the All-Share Index (ASI) and market capitalisation increased from 111,742.01 points and N70.462 trillion, respectively to 112,026.24 points and N70.641 trillion.
Source: Getty Images
Market capitalisation is the current value of a publicly traded company, based on the total value of all its outstanding shares.
When it increases, investors gain, and when it decreases, investors lose.
Stock market analysts have shared their expectations for the market in the week ahead.
United Capital Research analysts said in their recent note that they expect the market to close on a positive note.
"The equities market may see modest gains driven by excess liquidity and early investor positioning ahead of the Q2 earnings season, with interest in companies showing FX gains, strong growth, cost efficiency, and potential for interim dividends."
For Vetiva Research, analysts expect a mixed performance.
Its note read:
"As June begins, the market may experience a mixed start, with portfolio rebalancing and expected dividends offering short-term support, though sideways trading could continue due to a lack of strong catalysts and low volumes."
Futureview research analysts said in their June 2 note that:
“We anticipate a mixed performance in the equities market this week, with a modest bullish bias supported by anticipated buying activity”.
Source: Getty Images
On Monday, the market recorded 17,019 deals, investors exchanged 517,950,316 shares valued at N10.07 billion.
Top 5 gainers:
Top 5 decliners:
- Cutix Plc registered 32,260,755 shares valued at N101,048,297.67.
- United Capital Plc posted 27,177,947 shares worth N534,384,652.45.
Earlier, Legit.ng reported that Tony Elumelu, chairman of United Bank for Africa, recently purchased over 45 million shares, increasing his stake in the company
UBA is raising its capital base from N355.2 billion to N500 billion to meet the CBN's mandate for commercial banks with foreign licenses
The bank plans to complete this capital increase by the third quarter of 2025, ahead of the CBN's March 2026 deadline
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Source: Legit.ng
