Nigerian Stock Market Hits N66trn as Zenith Bank Lists Shares
Nigerian stock market began the week on a mixed note as the All-Share Index edged down by 0.04% to close at 105,891.33 points, bringing the year-to-date return to 2.88%.
Despite this decline, market capitalization surged by 0.73% to N66.07 trillion, adding N477 billion in gains, driven by Zenith Bank’s listing of 9.67 billion ordinary shares. The Nigerian Exchange All share index retreated by 4 basis points but market capitalisation of all stocks listed in the local bourse surged.
Stockbrokers attributed divergence in key indicators to the additional shares of 9,673,336,214 Ordinary Shares of 50 kobo each listed by Zenith Bank today. The market index or All-Share Index) dropped by 41.70 basis points to close at 105,891.33. Meanwhile, equities market capitalisation surged by ₦477.00 billion to settle at ₦66.07 trillion.
The market index downturn was primarily driven by profit-taking activities in some medium and large-scale stocks, especially in the Banking sector. The market activities were mixed as the total volume traded in the local bourse increased by 19.69, while the total value of all transactions dropped by 22.11%.
In a note, Atlass Portfolios Limited told investors that approximately 567.29 million units valued at ₦10,413.82 million were transacted across 17,843 deals. In terms of volume, NSLTECH led the activity chart, accounting for 14.84% of the total volume of transacted in the local bourse on Monday.
Other volume drivers include FIDELITYBK (11.98%), ACCESSCORP (7.10%), UPDC (6.47%), and AIICO (4.81%), rounding out the top five. FIDELITYBK emerged as the most traded stock in value terms, accounting for 13.12% of transaction value on the exchange.
BETAGLASS, STANBIC, and SMURFIT topped the advancers’ chart for today with a price appreciation of 10.00 percent each, trailed by HONYFLOUR (+9.98%), ETERNA (+9.96%), NNFM (+9.96%), SOVRENINS (+9.92%), LASACO (+9.86%) and thirty-five others.
Twenty-five stocks depreciated, according to data from the domestic bourse. INTENEGINS was the top loser, with a price depreciation of -10.00%. Other decliners include RTBRISCOE (-9.63%), JBERGER (-8.44%), FIDELITYBK (-4.81%), FIDSON (-3.35%), and ZENITHBANK (-2.31%).
Given the trading direction, the market breadth closed positive, recording 43 gainers and 25 losers. In addition, the market sectoral performance was positive, as four of the five major market sectors climbed.
The Insurance sector grew by (1.98%), followed by the Consumer goods sector which climbed by 0.10%, the Oil & Gas sector rose by 0.09%, and the Industrial sector by advanced by 0.08%. The Banking sector was down by 1.02% #Nigerian Stock Market Hits N66trn as Zenith Bank Lists Shares Dangote Cement Price Slump Presents 69% Upside Potential – Analysts
