NGX Gains N155bn, Market Cap Races toward N40T
The Nigerian Exchange (NGX) jumped by N155 billion on Monday, racing toward N40 trillion in market capitalisation projected by some stockbrokers.
The local bourse has turned to money spinner for Alpha seekers and investors trading the highs and lows amidst uncertainties in the economy.
Consolidating on about N1.7 trillion gained last week, the market opened the week in green, with 0.40% jump in key performance indicators. Due to the bullish start, stock market year to date return (YTD) advanced to 37.52% due to a large daily gain.
The market index or the Nigerian Exchange All-Share Index increased by 282.85 basis points, representing an increase of +0.40% to close at 70,479.62.
However, market activities slackened. Trading results from the exchange showed that total volume and total value traded dropped by -4.72% and -15.91% respectively.
Citing data from the Nigerian Exchange, Atlass Portfolios Limited said approximately 391.01 million units valued at ₦7,705.25 million were transacted in 6,837 deals.
UBA was the most traded stock in terms of volume, accounting for 27.01% of the total volume of trades. This was followed by FBNH (8.51%), JAPAULGOLD (5.46%), FIDELITYBK (5.23%), and ACCESSCORP (4.99%) to complete the top 5 on the volume chart.
UBA was also the most traded stock in value terms, with 27.75% of the total value of trades on the exchange. THOMASWY topped the advancers’ chart with a price appreciation of 10.00 percent.
The company was trailed by CHAMS (9.90%), GLAXOSMITH (+9.68%), OANDO (+9.66%), JAPAULGOLD (+9.45%), and twenty-two others.
Twenty-eight stocks depreciated, according to stock market analysts, ABCTRANS was the top loser, with a price depreciation of -9.30%.
The company was followed by CHAMPION (-9.19%), INTBREW (-8.79%), STANBIC (-6.67%), CADBURY (-4.76%), and JBERGER (-4.00%).
Based on the trading pattern, the market breadth closed slightly negative, recording 27 gainers and 28 losers.
On Monday, market sector performance was positive. Stockbrokers reported that three of the five major market sectors ended in the green. This was led by the Oil & Gas sector which grew by +2.31%, followed by the Industrial sector (+1.83%), and the Banking sector (+0.66%).
Meanwhile, the Insurance and the Consumer goods sectors dropped by -2.19% and -0.18% accordingly.
Overall, equities market capitalisation increased by ₦155.27 billion, representing a growth of +0.40%, to close at ₦38.71 trillion from ₦38.56 trillion last Friday.