Investors Gain N2trn as NGX Market Movers Rally
Equity investors gained about N2 trillion on the Nigerian Exchange (NGX), driven by strong interest in top market movers and highly capitalised stocks.
The Nigerian bourse started the week in the green, recording a 1.55% surge in key performance indicators as investors hunted for blue-chip stocks with strong fundamentals.
Major drivers of a significant surge in market capitalisation include BUACEMENT, ZENITHBANK, MTNN, WAPCO, DANGCEM, and others, across major market sectors. The Industrial goods and Banking sectors recorded the highest gains, increasing by 4.52% and 2.20%, respectively.
Specifically, the NGX All-share index added 3,067.59 basis points in today’s trading session, reflecting a 1.55% increase to close at 201,474.89. Also, market capitalisation surged by ₦1,969.14 billion to close at ₦129.33 trillion.
Total Volume of all trades and their total value increased by +60.43% and 40.48%, respectively. Stockbrokers said approximately 948.21 million units valued at ₦49,173.49 million were transacted across 72,735 deals.
SOVRENINS topped the volume chart, accounting for 7.67% of all NGX trading volume on Monday, followed by ACCESSCORP (7.39%), FIRSTHOLDCO (7.09%), ZENITHBANK (6.34%), and NB (5.82%).
In terms of value traded, ZENITHBANK accounted for 12.13% of total trade, making it the most traded on the exchange. BUACEMENT led the gainers chart, up by +10.00%, then trailed by PREMPAINTS (+9.79%), JOHNHOLT (+9.52%), GUINEAINS (+9.38%), FTGINSURE (+9.32%), UPL (+9.09%), and thirty-two others.
A total of twenty-nine (29) stocks depreciated. With a price depreciation of -10.00%, VFDGROUP topped the worst performers’ chart, followed by ROYALEX (-9.63%), OMATEK (-9.62%), SOVRENINS (-9.00%), REGALINS (-8.94%), and NSLTECH (-7.14%).
Hence, the market breadth closed on a positive note, with 38 gainers and 29 losers. Sectoral performance was positive. The Industrial goods sector increased by +4.52%, followed by the Banking sector (+2.20%), and the Consumer goods sector (+0.03%).
The Insurance and Oil & Gas sectors declined by -0.43% and -0.08%, respectively. Nigerian Capital Market to Adopt T+1 Settlement Cycle
