NGX Swells by N155bn as Insurance Stocks Attract Attention
The Nigerian Exchange (NGX) opened the New Year with N155 billion gain as investors shifted attention to insurance stocks. The local bourse opened the New Year on a bullish note, as the market performance indicators posted a gain of +0.25% on the day.
Stockbrokers said the market positive performance was driven by a new year rally observed in several mid- cap stocks across major market sectors, particularly the Insurance sector, which recorded an impressive growth of +9.50%.
Consequently, investors’ wealth increased by approximately ₦155 billion after about 37% return posted by the NGX in 2024. Data from the local bourse revealed that the market index increased by 253.74 basis points to close at a high of 103,180.14.
Trading activities were mixed for the first trading day of the year, as the total volume traded grew by 89.54%, while the total value traded dropped by 85.95%. In its market update, Atlass Portfolios Limited told investors that approximately 829.75 million units valued at ₦5,666.57 million were transacted across 11,752 deals.
In terms of volume, ROYALEX led the activity chart, accounting for 35.18% of the total volume of traded in the equities segment of the Nigerian Exchange. Other volume drivers include CHAMS (7.70%), AIICO (7.08%), VERITASKAP (5.24%), and PRESTIGE (3.38%), rounding out the top five.
ZENITHBANK emerged as the most traded stock in value terms, with 12.04% of the total value of trades on the exchange. CUTIX, INTENEGINS, MANSARD, NCR, ROYALEX, RTBRISCOE, and CORNERST topped the advancers’ chart for today with a price appreciation of 10.00 percent each.
Other gainers include AFRIPRUD with (+9.98%) growth, PRESTIGE (+9.92%), CAVERTON (+9.91%), GUINEAINS (+9.88%), CONHALLPLC (+9.86%) and forty-five others.
Eight stocks depreciated, according to data from the Nigerian stock market. ELLAHLAKES was the top loser, with a price depreciation of -4.75%. Other decliners include NASCON (-4.31%), CWG (-3.25%), FIDELITYBK (-2.86%), INTBREW (-0.90%), and WAPCO (-0.29%).
Based on trading direction, the market breadth closed positive, recording 57 gainers and 8 losers. In addition, the market sector performance was positive. Following the continued rally in insurance tickers like MANSARD (+10.00%), CORNERST (+10.00%) and WAPIC (+9.78%) amongst others, the Insurance index appreciated by +9.50%.
The impressive performance in the Insurance index was followed by meagre gains in the Banking (+0.27%) and Consumer Goods (+0.16%) indexes on the back of buying interest in ZENITHBANK (+0.77%) and UNILEVER (+9.26%), respectively.
Conversely, the Industrial Goods (-0.02%) and Oil & Gas (-0.03%) indexes lost some value due to sell pressures in WAPCO (-0.29%) and OANDO (-0.30%), respectively. Overall, the equities market capitalisation of the Nigerian Exchange rose by ₦154.72 billion to close at ₦62.92 trillion. #NGX Swells by N155bn as Insurance Stocks Attract Attention CBN Opens FX Window for BDC to Stock up at NFEM Rate
