Investors in the Nigerian stock market saw a profit of over ₦83 billion on Monday as share prices of telecom and palm oil companies surged. The Nigerian Exchange (NGX) recorded a positive performance, with the All-Share Index (ASI) rising by 0.13% to close at 104,630.30 points.
However, despite the gains, overall market sentiment remained weak, as 35 stocks declined while only 22 stocks recorded gains. This resulted in a weak advancers-to-decliners ratio of 0.63x, signaling cautious investor behavior.
Leading the list of gainers were PRESCO and OKOMUOIL, which both saw a 10% increase in their share prices. Other stocks that performed well included TRANSCORP (+1.89%), MTN Nigeria (+1.24%), FCMB (+0.90%), and OANDO (+0.15%).
Market activity, however, was lower than the previous trading session. The total volume of shares traded fell by 59.64%, while the total value of transactions declined by 14.07%. Analysts at Atlass Portfolios Limited reported that approximately 510.57 million shares, valued at ₦13.25 billion, were exchanged in 14,611 deals.
In terms of trading volume, FBN Holdings (FBNH) led the market, accounting for 16.55% of all shares traded. Other actively traded stocks included Zenith Bank (10.75%), Universal Insurance (6.42%), United Bank for Africa (6.22%), and Fidelity Bank (3.83%).
Zenith Bank emerged as the most traded stock in terms of value, contributing 20.59% of the total market transactions. On the other hand, the biggest losers of the day included UPL (-10.00%), LASACO (-8.33%), NGXGROUP (-8.14%), and CADBURY (-4.35%).
Sectoral performance was mixed. The consumer goods sector declined by 0.61%, the banking sector fell by 0.40%, and the industrial sector dipped by 0.10%. However, the insurance sector grew by 0.54%, while the oil and gas sector edged up by 0.02%.
Overall, despite declines in some sectors, the stock market’s total capitalization increased by ₦83.09 billion, representing a 0.13% growth, bringing the total market value to ₦64.79 trillion.
