Equity Investors Gain N63 bn in Nigerian Stock Market
The Nigerian Exchange (NGX) market capitalisation rose by about N63 billion on Monday, boosted by huge bets on stocks with upside potential.
The local bourse sustained its strong bullish momentum with the NGX All-Share Index advancing 0.36% to settle at 243,158.97 points.
The sustained buying momentum lifted NGX’s year-to-date return to +56.26% and added ₦567.35 billion to market capitalisation, which closed at ₦156.06 trillion on Monday.
Market breadth was broadly positive at 1.3x, as 44 gainers led by CONHALLPLC, FTNCOCOA, NAHCO, CAP, and AIICO outpaced 34 losers, with INTENEGINS, UPDC, LEARNAFRICA, and NEM recording the most notable losses.
Sectoral performance was mixed, as Insurance (+1.25%), Industrial (+1.08%), Consumer Goods (+0.83%), and Banking (+0.41%) all closed in positive territory. Meanwhile, the Oil & Gas (-0.89%) and Commodity (-0.49%) dragged on the index.
Trading activity was divergent, as volume and turnover declined 24.79% and 44.40% to 1.41 billion shares and ₦57.98 billion, respectively, while deal count surged 44.09% to 133,071 transactions.
The market is expected to sustain its bullish momentum, underpinned by positive investor sentiment and the continued tailwind of the extended trading period. Lafarge Africa Hits N5.6trn as Profit Surges by 101%
