Equities investors on the Nigerian Exchange (NGX) enjoyed a N138 billion gain, spurred by a Santa Claus rally that some stockbrokers believe arrived earlier than anticipated. The local stock market has seen strong bargain-hunting activity, pushing key performance indicators upward, with year-to-date returns now ranked among the best globally.
The equity market started the new trading week on a positive note as key performance indicators advanced by 0.22%. The All-Share Index gained 227.06 points, a 0.22% increase, closing at 101,356.15.
Stockbrokers attributed the bullish trend to heightened investor interest in select medium- and large-cap stocks, including MRS, INTBREW, OKOMUOIL, and MANSARD, which have strong growth potential.
Despite the positive price movement, market activities declined slightly. Total trade volume and value decreased by 2.40% and 1.31%, respectively. According to Atlass Portfolios Limited, approximately 503.19 million units worth ₦16,271.90 million were traded across 12,490 deals.
In terms of volume, GTCO led the activity chart, accounting for 7.85% of total trades. Other volume leaders included JAPAULGOLD (7.13%), ZENITHBANK (6.91%), UBA (5.26%), and UNIVINSURE (5.10%). ARADEL emerged as the most traded stock by value, contributing 22.80% of the total value of trades.
Top gainers included INTBREW, LIVINGTRUST, MANSARD, MRS, STERLINGNG, CHAMPION, and OKOMUOIL, all recording a 10% price appreciation. Other notable gainers were HONYFLOUR (+9.92%), SUNUASUR (+9.88%), and IKEJAHOTEL (+9.84%). Conversely, AUSTINLAZ led the decliners with a -9.84% price drop, followed by ARADEL (-9.64%), OANDO (-8.63%), and others.
Sectoral performance was mixed. The insurance (+3.89%), consumer goods (+2.48%), and banking (+2.16%) indices posted gains, driven by investor interest in MANSARD (+10.00%), INTBREW (+10.00%), and UBA (+3.70%). However, the industrial goods (-0.06%) and oil & gas (-0.05%) indices declined due to selloffs in WAPCO (-0.73%) and ARADEL (-9.64%).
Overall, the NGX’s market capitalization rose by ₦137.64 billion to close at ₦61.44 trillion.
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