The Nigerian Exchange (NGX) saw its market capitalization rise by N138 billion on Monday, buoyed by strong performances from Lafarge Africa, VFD Group, and other equities. The market kicked off December on a positive note, with key performance indicators climbing by 0.23%.
The All-Share Index advanced by 226.99 points to close at 97,733.86, driven by bargain hunting in medium- and large-cap stocks across major sectors. According to stockbrokers, investor and portfolio manager interest in fundamentally strong stocks is positioning the market for opportunities in 2024.
Trading activity showed some decline, with total volume and value dropping by 12.48% and 32.70%, respectively. Approximately 451.17 million shares worth N10.15 billion were traded across 9,329 deals, according to Atlass Portfolios Limited.
Top Trades and Market Highlights
- Volume Leaders: JAPAULGOLD accounted for 15.97% of the total volume traded, followed by UBA (15.05%), ACCESSCORP (11.89%), WAPCO (4.72%), and GTCO (4.64%).
- Value Leaders: UBA dominated in value terms, contributing 22.01% of the total trade value.
- Gainers: ABBEYBDS, AFRIPRUD, and WAPCO led the advancers with a 10% price increase each. Other notable gainers included VFDGROUP (+9.88%), SOVRENINS (+9.59%), and TANTALIZER (+9.57%).
- Decliners: ETRANSACT topped the losers’ list with a 10% price drop, followed by FTNCOCOA (-8.29%) and HONYFLOUR (-5.92%).
Sector Performance
The NGX ended the day with a positive market breadth, recording 36 gainers against 25 losers. All major market sectors saw gains, led by the insurance sector (+2.14%), followed by industrials (+0.89%), consumer goods (+0.67%), oil & gas (+0.37%), and banking (+0.08%).
Overall, the equities market capitalization rose by N137.60 billion to close at N59.25 trillion.
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