Nigerian Stock Market Starts New Week Strong As Investors’ Make Over N200bn

• The Nigerian Exchange has started the new week on a positive note, as investors showed interest in stocks
• On the first trading day, Neimeth International Pharmaceuticals, Champion Breweries Plc, Beta Glass Plc and FTN Cocoa Processors Plc led the gainers table
• Fidelity Bank, Zenith Bank, Nigerian Breweries, FTN Cocoa, and Access Holdings were actively traded stocks

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 began the new week on a positive note, gaining 0.37% as investor interest in stocks like Presco, Beta Glass, and Champion Breweries lifted the market.

At the close of trading on Monday, June 23, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) rose to 118,579.65 points from 118,138.22 in the previous session.

Market capitalisation also increased by N278 billion to N74.812 trillion, compared to N74.534 trillion the session before.

Here is a snapshot of the market on Monday

On Monday, a total of 653,656,598 shares were exchanged in 22,206 deals, valued at N21.327 billion

Top 5 gainers:

• Neimeth International Pharmaceuticals Plc rose by N0.37, increasing from N3.70 to N4.07 per share (+10.00%).
• FTN Cocoa Processors Plc gained N0.28, moving from N2.80 to N3.08 per share (+10.00%).
• Presco Plc appreciated by N110.00, climbing from N1,100.00 to N1,210.00 per share (+10.00%).
• Champion Breweries Plc advanced by N0.82, rising from N8.20 to N9.02 per share (+10.00%).
• Beta Glass Plc added N27.60, up from N276.00 to N303.60 per share (+10.00%).

Top 5 decliners

• Julius Berger Nigeria Plc dropped by N9.50, falling from N127.00 to N117.50 per share (-7.48%).
• Chams Holding Company Plc declined by N0.11, decreasing from N2.16 to N2.05 per share (-5.09%).
• Nigerian Solar Tech Plc lost N0.03, moving from N0.60 to N0.57 per share (-5.00%).
• Multiverse Mining and Exploration Plc fell by N0.45, dropping from N9.65 to N9.20 per share (-4.66%).
• Red Star Express Plc shed N0.30, down from N7.80 to N7.50 per share (-3.85%).

Top 5 trades by volume

• Fidelity Bank Plc recorded 141.71 million shares valued at N2.66 billion.
• Zenith Bank Plc saw 46.26 million shares exchanged, amounting to N2.35 billion.
• Nigerian Breweries Plc registered 38.09 million shares worth N2.21 billion.
• FTN Cocoa Processors Plc traded 37.98 million shares valued at N115.90 million.
• Access Holdings Plc posted 37.93 million shares, with a total value of N843.73 million.

2 Nigerian banks to merge, experts predict acquisitions

Earlier, Legit.ng reported that smaller Nigerian banks are struggling to meet the N500 billion recapitalisation requirement set by the Central Bank of Nigeria.

According to reports, two Nigerian banks, one with a regional licence and another with a national licence, have started merger talks, which may be finalised in the coming months.

The CBN's directive, which mandates a minimum capital of N500 billion for commercial banks with international licenses, N200 billion for national licenses, and N50 billion for regional licenses, presents a substantial challenge for smaller banks.

Source: Legit.ng