Nigerian Stock Market Edges Higher as Investors Gain N288bn
The Nigerian stock market edged higher on Monday as investors gained more than N288 billion following a sharp positive price appreciation in some tickers.
The Nigerian Exchange (NGX) opened trading for the month in positive territory, as key market performance indicators increased by 0.18%.
Despite a negative market breadth, the modest gain interrupted the recent bearish trend, driven by buying interest in medium and large-scale stocks across key market sectors.
The Nigerian Exchange All-Share Index (ASI) added 446.85 basis points in today’s trading session, reflecting a 0.18% increase to close at 245,730.53.
Also, NGX market capitalisation edged higher on the day, gaining ₦288.44 billion, representing a growth of 0.18%, settling at ₦158.61 trillion.
The total volume and the total value of all the transactions executed declined by -2.12% and -19.02%, respectively. In a note, Atlass Portfolio Limited told investors that approximately 923.01 million units valued at ₦37,850.34 million were transacted across 72,544 deals.
ACCESSCORP accounted for 18.09% of all units traded in the market, followed by HONYFLOUR (10.15%), STERLINGNG (6.20%), UNIVINSURE (5.62%), and CHAMS (3.67%). ARADEL accounted fr 12.13% of the total transaction value, making it the highest traded on the exchange.
CAVERTON and ETERNA led the gainers chart, up by +10.00% each, then trailed by OMATEK (+9.88%), AVACAP (+9.70%), VITAFOAM (+7.90%), FTGINSURE (+7.69%), MCNICHOLS (+5.22%), and eighteen others.
A total of thirty-nine stocks depreciated. With a price depreciation of -9.95%, ETI topped the worst performers’ chart, followed by CADBURY (-9.92%), THOMASWY (-9.82%), WAPIC (-9.80%), CMFC (-9.79%), and TRANSEXPR (-9.57%).
Hence, market breadth closed on a negative note, with 25 gainers and 39 losers. Sectoral performance was negative today as three of the five major market sectors declined.
The Insurance sector led the decline by -1.78%, followed by the Consumer goods sector (-0.18%), and the Oil & Gas sector (-0.09%). The Banking sector and the Industrial goods sector increased by +0.75% and +0.21%, respectively. FG Tightens Budget Rules, Bars MDAs from Awarding Unfunded Contracts
