Nigerian Exchange Index Climbs as Investors Gain N905bn
Equity investors in the Nigerian Exchange (NGX) gained N905 billion on Monday, as Airtel Africa and Oando Plc drove momentum, lifting the All-Share Index by 57 basis points.
Broad Street opened the new week on a positive note, as key market performance indicators increased by 0.57%. The market rebounded from last week’s sell-offs that reduced the market cap by N366 billion.
Top stocks that recorded price appreciations on Monday include AIRTELAFRI, OANDO, FCMB, FIDELITYBK, JAIZBANK, among others, across major market sectors.
The All-share index gained 1,412.65 basis points in today’s trading session to close at 251,125.02. NGX market capitalisation rose ₦905.57 billion to close at ₦160.98 trillion.
However, the total volume of trades declined by 11.58%, while the total value traded increased by 40.67%. Stockbrokers reported that approximately 629.42 million units, valued at ₦40,913.28 million, were transacted in 82,434 deals.
ACCESSCORP accounted for 9.77% of total volume traded in the local bourse, followed by ZENITHBANK (6.05%), FIDELITYBK (5.71%), JAPAULGOLD (3.93%), and TANTALIZER with 3.63%.
In terms of value traded, ARADEL accounted for 29.36% of the total value of trades, making it the most actively traded on the exchange.
AIRTELAFRI topped the gainers chart, up by 10.00%, trailed by INTENEGINS (+9.68%), SOVRENINS (+9.65%), CAVERTON (+9.63%), VFDGROUP (+9.55%), UNIONDICON (+9.45%), and OANDO (+4.57%), and FCMB (+3.46%).
A total of thirty-one stocks depreciated, the market report revealed. With a price depreciation of -10.00%, MCNICHOLS topped the worst performers’ chart, followed by TIP (-9.91%), LEARNAFRCA (-9.69%), ZICHIS (-7.93%), MAYBAKER (-6.60%), and PRESTIGE (-6.45%).
Hence, market breadth closed on a positive note, with 33 gainers and 31 losers. However, sectoral performance was bearish, with 3 major indices closing lower and 2 gaining.
The Oil & Gas (-1.77%) and Commodity (-1.29%) indices led the bears, both dragged by selloffs in ARADEL (-3.89%). The Consumer Goods (-0.26%) index also closed lower, driven by sell pressures in INTBREW (-1.57%).
Conversely, the Insurance (+0.54%) and Banking (+0.08%) indices advanced, fueled by demand for SOVRENINS (+9.65%) and FCMB (+3.46%), respectively, while the Commodity index closed flat.
