On Monday, the equities market erased a weekly loss of N44 billion as investor confidence increased ahead of inflation statistics. Buying activity in oil and gas and banking names on the local market was the main driver of the spike.
Key performance indicators show improvement based on the trading pattern, with year-to-date data showing a sizable daily increase amid expectations of more inflation increases.
Key performance indicators increased by +0.58% to start the week on a positive note as buying enthusiasm in banking stocks continued. Atlass Portfolios Limited stated in its update that buying demand has surged across several major market sectors due to the excellent performance of the market.
According to details from the Nigerian bourse, the market index, or All-Share Index, added 571.38 basis points today, representing a rise of 0.58% to close at 99,793.71.
Stockbrokers stated that equities market activities inched higher. Total volume and total value traded for today increased by +148.32% and +83.55%, respectively. In its market update, Atlass Portfolios Limited said approximately 963.54 million units valued at ₦13,497.57 million were transacted in 8,657 deals.
FIDELITYBK was the most traded stock in terms of volume, accounting for 62.83% of the total volume of trades, followed by ACCESSCORP (9.66%), UBA (6.10%), NB (4.70%), and ZENITHBANK (1.67%).
Also, FIDELITYBK was the most traded stock in value terms, with 44.65% of the total value of trades on the exchange. FLOURMILL topped the advancers’ chart with a price appreciation of 10.00 percent. The food producer was trailed by TOTAL with +9.98% capital appreciation.
Other gainers are: ACCESSCORP (+9.86%), CHAMS (+9.74%), VERITASKAP (+9.52%), JBERGER (+9.15%), and twenty-four others. On the other hand, ten stocks depreciated, according to data from the local bourse.
ETRANSACT was the top loser, with a price depreciation of -9.90%. Other decliners are: DAARCOMM (-9.52%), CHAMPION (-6.67%), UNITYBNK (-6.67%), WAPCO (-2.22%), and JAPAULGOLD (-1.04%). In that regard, the market breadth closed positive, recording 23 gainers and 17 losers. In addition, the market sector’s performance was positive.
Four out of the five major market sectors advanced, led by the oil & gas sector, which grew by +3.13%, followed by the banking sector with a +2.71% upsurge. The insurance sector advanced by +0.59% and the consumer goods sector by +0.31%. However, the industrial sector dropped by 0.08%.
Overall, the equities market capitalization of the Nigerian Exchange rose by ₦323.31 billion to close at ₦56.45 trillion.
