NGX Further Increases By N99bn As Stocks Rally

Stock Exchange Closes Trading Week With N30bn Gain

The primary indexes of the local market, which include the Nigerian Exchange (NGX), rose on Monday as buying demand in big, mid, and small size equities drove prices higher. The market began with people looking for deals at MTNN and other places.

Investor wealth increased by 99 billion as a result of increased buying interest across counters. The market’s year-to-date gains jumped to 2.18% as a result. The market index (All-Share Index) increased today by 181.20 basis points, or +0.35%, to settle at 52,369.13.

The value of the stock market increased by 99.46 billion, or +0.35%, to close at 28,516.11 trillion from 28,416.65 trillion last Friday. The overall volume and total value traded for the day decreased by -61.07% and -50.79%, respectively, indicating that market activity was down.

According to Atlass Portfolios Limited’s market brief, 5,855 trades totaling about 315.67 million units valued at $4,033.59 million were completed. The stock with the highest amount of trading was ZENITHBANK, which accounted for 16.93% of the total volume of trades. ACCESSCORP (15.22%), UBA (9.86%), MANSARD (7.46%), and GTCO (6.37%) rounded out the top 5.

Likewise, ZENITHBANK was the most traded stock in terms of value, accounting for 34.25% of all trades on the market. With a price increase of 9.85%, IKEJAHOTEL led the list of advancers, followed by ACADEMY (9.80%), PRESTIGE (9.76%), NPFMCRFBK (+9.71%), and CILEASING (+9.69%), and twenty-six others. MTNN gained +0.9%.

Fifteen stocks depreciated, where NCR was the top loser, with a price depreciation of -9.71% to close at ₦2.79, as SOVRENINS (- 8.89%), NEIMETH (-7.33%), ARDOVA (-6.95%), and ROYALEX (-5.77%) also dipped in price.

Then, the market breadth closed positive, recording 31 gainers and 15 losers while the market sector performance closed positive. Four out of the five major market sectors were up, led by the Insurance sector (+1.34%), followed by the Banking sector (+0.89%), the Consumer goods sector (+0.39%), and the Industrial sector (+0.01%), while the Oil & Gas sector dropped by -0.64%.

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