Equities Investors Gain N38bn on Banking, Insurance Stock Picks
The Nigerian Exchange, NGX, expanded further on Monday as investors gained about N38 billion picking attractive banking and insurance stocks. The Nigerian domestic market commenced trading activities for the new week on a positive note, continuing the bullish trend from the previous week.
Stockbrokers said market performance indicators, including the NGX All-Share Index (ASI) and Market Capitalisation, recorded modest gains, both advancing by +0.06%. The surge in equities market capitalisation was driven by investors’ increased buying interest in the banking and insurance sectors, as the New Year rally bolstered market sentiment.
The All-Share Index increased by 61.91 basis points, representing a rise of +0.06% to close at 103,648.24, stockbrokers said in their separate reports. Equities market activities were up as the total volume and total value traded grew by 20.68% and 60.73%, respectively, on Monday.
In its note, Atlass Portfolios Limited told investors that approximately 855.97 million units valued at ₦13,249.50 million were transacted across 16,505 deals. In terms of volume, CHAMS led the activity chart, accounting for 9.44% of the total volume of traded on the Nigerian Exchange platform.
Other volume drivers include VERITASKAP (7.07%), ACCESSCORP (6.35%), GTCO (6.31%), and PRESTIGE (5.72%), rounding out the top five. Today, GTCO emerged as the most traded stock in value terms, with 23.22% of the total value of trades on the exchange.
DAARCOMM and WEMABANK topped the advancers’ chart with a price appreciation of 10.00 percent each. Other gainers include HONYFLOUR (+9.99%), WAPIC (+9.96%), LASACO (+9.95%), MULTIVERSE (+9.94%), JOHNHOLT (+9.93%), and forty others.
Nineteen stocks depreciated, according to data from the local bourse. CUTIX was the top loser, with a price depreciation of -5.45%. Other decliners include CAVERTON (-5.36%), JAIZBANK (-5.23%), IKEJAHOTEL (-4.26%), UCAP (-1.71%), and OANDO (-0.62%).
Given the trading direction, the market breadth closed positive, recording 47 gainers and 19 losers. However, the market sector performance was negative today, as three of the five major market sectors slipped.
The consumer goods index dropped by -0.35%, followed by the industrial sector, which dipped by -0.10%, and the oil & gas sector lost -0.07%. The insurance and banking sectors were up by 4.12% and 0.74%, respectively.
Overall, the equities market capitalisation of the Nigerian Exchange gained N37.75 billion to close at N63.20 trillion. #Equities Investors Gain N38bn on Banking, Insurance Stock Picks Naira Rises as Gross External Reserves Hits 3-Year High
