Equities Investors Gain N1.7trn as Dangote, MTN Rally
Equities investors in the Nigerian stock market gained N1.7 trillion on Monday as Dangote Cement, MTN Nigeria and Aradel Holdings led today’s rally.
The significant increase in market capitalisation effectively wiped out the N1.4 trillion loss in portfolio value posted last week due to profit-taking.
Data from the local bourse showed that the All-share index gained 1.39% to close at 195,514.00 points. In a similar fashion, market capitalisation rose by N1.7 trillion, closing at N125.5 trillion.
DANGCEM (+3.97%) was the major driver of today’s positive outturn, along with ARADEL (+9.99%) and MTNN (+3.03%), which outweighed the impact of selloffs in UBA (-3.28%) and CUSTODIAN (-10.00%).
However, market breadth closed at 1.00x, as 30 gainers equalled 30 losers. NGXGROUP (+10.00%) topped the winners’ chart in today’s session, while CUSTODIAN (-10.00%) was today’s worst performer.
In terms of market activity, trading metrics diverged: volume traded declined 4.12% to 789.9 million units, while total value traded rose 0.94% to N35.1 billion.
FTGINSURE topped the volume log today, with 109.1 million units (accounting for 13.81% of total volume traded), while ARADEL topped the value log with N6.1 billion (accounting for 17.37% of total value traded).
On sectoral performance, the Oil & Gas index (+4.68%) was the best performer, driven by price appreciation in ARADEL (+9.99%), which also lifted the Commodity index (+2.39%).
Meanwhile, the Industrial Goods index (+2.49%) advanced on the back of sustained demand for DANGCEM (+3.97%) and WAPCO (+3.75%), while the Consumer Goods index (+0.36%) edged higher following an uptick in INTBREW (+3.10%).
The Banking index (+0.26%) also closed in positive territory, supported by gains in STANBIC (+3.28%). However, the Insurance index (-1.49%) declined amid sell pressures in MANSARD (-7.61%). Overall, five sectors recorded gains, while one closed lower. Analysts Estimate 25% Upside for Access Holdings
