Industrial, Oil Stocks Drive Momentum in Nigerian Market
Industrial and oil and gas stocks propelled momentum in the Nigerian stock market, building on the previous rally as trading activities closed on Friday in the local bourse.
The Nigerian Exchange (NGX) continued its upward trend, with the All-Share Index increasing by 0.08% to reach 196,968.15 points, resulting in a year-to-date return of 26.58%.
The stock market capitalisation grew by 0.08%, adding ₦119.03 billion to reach ₦126.4 trillion, largely due to the listing of an additional 105 million ordinary shares of FIDSON Healthcare on the NGX.
Market sentiment remained favourable at 1.1x, with 35 gainers outpacing 32 losers. Top performers included ETERNA, PREMPAINTS, UNIONDICON, FTGINSURE, and JOHNHOLT, while RTBRISCOE, SCOA, ABCTRANS, MECURE, and BERGER experienced the largest losses.
Sectoral performance was mixed: the Industrial sector led gains with a 1.20% rally, followed by Oil & Gas, which rose 0.19%. Conversely, the Insurance sector led the decliners, falling 0.61%, followed by Consumer Goods, which fell 0.56%, and Banking, which slipped 0.11%.
The Commodity sector remained unchanged. Trading metrics reflected a divergence in results: share volume decreased by 7.55% to 586.16 million units, the deal count fell by 5.41% to 62,699 transactions, and transaction value dropped by 5.27% to ₦30.64 billion. Oando Breaks Out on Rights Issue Optimism, Oil Tailwinds
