Equity Market Rebounds, Investors Gain N101bn

H1 2023: APT, Cardinal Stone, 8 Others Record N829.96bn Transactions On NGX

Following a period of negative trading last week, the Nigerian stock exchange experienced a significant rebound on Monday, resulting in gains amounting to N101 billion.

Both the All-Share Index and the market capitalization showed positive movement, rising by 0.18 percent to close at 102,042.32 points and N55.836 trillion, respectively.

Among the notable market movements was Access Holdings, which saw a decline of 6.26 percent, closing at N23.20 per unit following the tragic passing of its Group Chief Executive Officer, Herbert Wigwe, in a helicopter crash in the United States on Friday.

Other prominent movers in the market included indigenous conglomerate Transcorp Plc and Zenith Bank Plc.

Trading volume stood at 242.43 million shares, a decrease from the previous day’s volume of 321.89 million shares, while the total value of stocks traded amounted to N5.12 billion in 8,715 deals.

Market breadth, indicating investors’ sentiment, turned positive with 33 equities recording gains and 23 recording losses.

Leading the gainers’ chart were Chams Holdings, NCR, and Royal Exchange, each gaining 10 percent to close at N2.75, N4.40, and N0.07 per unit, respectively.

On the flip side, John Holt recorded the most significant decline, with its share price dropping by 9.88 percent to close at N2.19. PZ Cussons lost 9.87 percent, closing at N27.85, while May&Baker shed 9.80 percent to close at N6.36.

In terms of sectoral performance, three out of the five sub-indices closed in the green zone. The NGX Insurance, NGX Consumer Goods, and NGX Oil/Gas indexes gained 2.30 percent, 0.60 percent, and 0.15 percent, respectively. However, the Banking and Industrial Goods sectors experienced losses of 0.88 percent and 0.07 percent, respectively.

Major drivers of market volume and value included Access Holdings, VeritasKap, and Guaranty Trust Holding Company Plc.

Leave a Reply