The Nigerian Exchange (NGX) rose on the opening trading session of the new week, resulting in an N412 billion gain for equity investors. According to stock dealers and market watchers, the early rise increased the value of the equity market to N37.37 trillion.
The stock market has maintained its rising posture. According to MarketForces Africa, the NGX earned N1.4 trillion in August 2023. The Nigerian exchange has been ranked as one of the best performing in developing markets, as local investor appetite continues to increase despite the economy’s difficult start to the year.
According to data from the Nigerian stock exchange, the year-to-date return has increased significantly, landing at 33.22% after a continuous surge, remaining well ahead of an annual inflation rate of 24.08%.
The Nigerian Exchange All-Share Index gained by 751.95 basis points on Monday, reflecting a +1.11% increase to settle at 68,279.14 points.
Market activity increased, according to stockbrokers. Total volume and total value traded climbed by 67.88% and +88.56%, respectively, for the day. Atlass Portfolios Limited said in its market update that 845.68 million units worth $13,039.55 million were moved in 11,934 transactions.
FIDELITYBK was the most traded stock by volume, accounting for 11.45% of total transaction activity. The top five on the volume ranking were completed by ZENITHBANK (10.14%), UBA (8.10%), TRANSCORP (7.64%), and GTCO (7.37%).
Meanwhile, ZENITHBANK emerged as the most traded stock in value terms, with 21.53% of the total value of trades on the local exchange.
Amidst the merger plan, DANGSUGAR topped the advancers’ chart for today with a price appreciation of 10.00 per cent. Its acquiree NASCON also gained 9.98%. JOHNHOLT spiked by 9.92%. Following the acquisition of an interest in Agip, OANDO gained 9.91%, LASACO surged by 9.60%, and thirty-four others supported the uptick momentum.
Trading data showed that eighteen stocks depreciated, where CHIPLC was the top loser, with a price depreciation of -9.57%, to close at ₦1.04, Atlass Portfolios Limited told investors in its market report.
CORNERST went down by 9.29%, and NGXGROUP lost 7.20% of its market value. NEIMETH share price dropped by 6.67%, INTBREW declined by 6.52% and WAPCO fell by -2.52%. At the end of the trading session, the market breadth closed positive, recording 39 gainers and 18 losers. Nevertheless, the market sector performance closed par.
Two of the five major market sectors were up, including the Banking sector (+5.65%) and the Consumer goods sector (+1.57%). The Insurance and Industrial sectors were down by -2.81% and -0.14% accordingly. The Oil & Gas was unchanged. Overall, equities market capitalisation increased by ₦411.55 billion, representing a growth of +1.11%, to close at ₦37,369.66 trillion from ₦36,958.11 last Friday.
