Nigeria’s stock market experienced a remarkable surge on Monday, with the equity market capitalization surpassing N35 trillion. This bullish performance resulted in a substantial increase of approximately N851 billion in investors’ wealth, indicating the Nigerian Exchange’s strong upward trend and consolidation following last week’s impressive gain of over N1 trillion.
The Nigerian Exchange’s performance has been exceptional, outperforming its emerging market counterparts and instilling improved investor sentiment. The Nigerian Exchange All-Share index closed at 64,603.69 points, marking a 2.48% surge from its previous value of 63,040.87 points, reflecting a growing confidence among investors and showcasing the potential for profitable investment opportunities, as highlighted by Futureview Financial Services in its update to investors.
The surge in key indicators can be attributed to the price appreciation of stocks such as DANGCEM (+10%), CONOIL (+9.97%), MTN (+1.82%), MRS (+10%), and FBNH (+9.85%). Alongside these stocks, 66 others influenced investor sentiment positively, indicating their attractiveness as lucrative investment options, according to stockbrokers at Futureview.
The local bourse has experienced significant growth, with the Year to Date expansion reaching 26% on Monday, compared to 23% at the close of the previous trading session last week.
Market activities witnessed an upward trajectory for the day, with the total volume and total value traded increasing by +49.80% and +59.11% respectively. Approximately 1,839.05 million units valued at ₦22,033.06 million were transacted in 14,584 deals, as reported in the market update by Atlass Portfolios Limited.
Although the market saw substantial bargain hunting, the market breadth narrowed from 5.08x to 3.74x, indicating a reduced breadth, as noted by Futureview market analysts.
FBNH emerged as the most traded stock in terms of volume, accounting for 10.79% of the total volume of trades, followed by UNIVINSURE (10.05%), STERLINGNG (8.80%), TRANSCORP (8.51%), and AIICO (5.35%) to complete the top 5 on the volume chart.
Similarly, FBNH also led the stock trading in value terms, representing 20.06% of the total value of trades on the exchange. MRS, NEIMETH, DAARCOMM, JAIZBANK, and DANGCEM topped the advancers’ chart for the day, with each experiencing a price appreciation of 10.00 percent.
On the other hand, PHARMDEKO registered the highest price depreciation of -9.85% to close at ₦1.83. Other stocks that experienced price declines include UNIONDICON (-9.50%), BERGER (-9.09%), GUINEAINS (-7.69%), CHAMPION (-5.43%), and OANDO (-3.45%).
According to Futureview stock traders, out of a total of 128 stocks, 71 stocks recorded gains, 19 stocks declined, and 38 stocks remained unchanged by the end of the trading session. In terms of sector performance, the market closed positively, with four out of the five major market sectors showing an upward trend. The Industrial sector led the way with a growth of +5.13%, followed by the Insurance sector (+4.18%). Additionally, the Oil & Gas index and the Banking index both experienced a rise of 2.61%, while the Consumer Goods index saw a slight decline of -0.18%.
Overall, the equities market capitalization spiked by ₦851.22 billion, representing a 2.48% increase, and closed at ₦35,177.35 trillion, up from ₦34,326.13 trillion recorded last Friday.
