Investors on the Nigerian Exchange (NGX) gained over N507 billion, driven by rallies in MTN Nigeria and Transcorp stocks. The local bourse reversed the previous day’s losses due to bargain hunting, with key performance indicators rising by 80 basis points.
The market’s positive close was largely influenced by fresh investment inflows into MTN Nigeria ahead of its fourth-quarter 2024 earnings release. Price appreciation in Transcorp also contributed to the strong market performance.
Market Performance and Metrics
Renewed buying interest in medium- and large-cap stocks buoyed the market, while sell pressures on insurance stocks eased. Consequently, the All-Share Index increased by 831.91 points, closing at 104,230.73.
Trading activity presented a mixed picture. While the total volume of trades fell by 31.99%, the total value traded surged by 68.68%. According to a market report by Atlass Portfolios Limited, approximately 756.42 million units worth ₦24,692.39 million were transacted across 13,551 deals.
In terms of trading volume, TANTALIZER led the chart, accounting for 12.89% of total trades. Following closely were UNIVINSURE (8.86%), AIICO (8.50%), CHAMS (5.19%), and GUINEAINS (3.99%).
Key Stock Performances
GEREGU emerged as the most traded stock in value terms, contributing 55.72% of the total value of trades. MTN Nigeria and Transcorp led the list of advancers with a 10% price appreciation each. Other top gainers included HONYFLOUR (+9.95%), AIICO (+9.94%), LIVINGTRUST (+9.82%), MULTIVERSE (+9.79%), and LINKASSURE (+9.72%), among others.
On the losing side, SUNUASSUR topped the decliners’ list with a price drop of -9.99%. Other notable losers included UNIVINSURE (-8.97%), NSLTECH (-8.11%), CONHALLPLC (-5.82%), LIVESTOCK (-4.62%), and OANDO (-1.18%). Market breadth closed negative, with 27 gainers and 28 losers.
Sectoral Highlights
Sectoral performance was mostly positive, with three out of five major sectors closing in the green. The banking sector advanced by 0.55%, the consumer goods sector gained 0.09%, and the industrial sector edged up by 0.01%. However, the insurance sector fell by 0.27%, and the Oil & Gas sector declined by 0.13%.
Market Capitalisation
Overall, the market capitalisation of the Nigerian Exchange grew by N507.28 billion, closing at ₦63.56 trillion. This significant gain underscores the renewed investor confidence and strategic buying in the market.
The strong performances of MTN Nigeria and Transcorp, coupled with positive sectoral outcomes, suggest a bullish outlook for the NGX in the near term.
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