On Monday, the Nigerian Exchange (NGX) gained weight as stocks investors witnessed more over N75 billion. Despite the fact that the local bourse earned N77.10 billion, trading activity was pessimistic.
According to stockbrokers, the increase on the opening day of the new week was mostly due to renewed interest in banking stocks. As a result, the market index rose, while the rally increased NGX’s year-to-date return to 27.48%, making the exchange one of the best performing in developing markets.
The Nigerian Exchange All-share index rose 21 basis points, closing at 65,336.71 points, up from 65,198.08 points the previous session.
Futureview Financial Limited noted that investors’ focus on prominent stocks like ETERNA (+2.61%), ACCESSCORP (+1.17%), MTN (+1.08%), GTCO (+1.65%), CADBURY (+4.66%), and ZENITHBANK (+0.29%). Three out of five indices posted negative performance, according to stockbrokers market update.
The total volume of trades declined by 7.9% to 334.33 million units, valued at N3.89 billion and exchanged in 6,940 deals. STERLINGNG was the most traded stock by volume at 55.14 million units, while MTNN was the most traded stock by value at N559.39 million.
By sector performance, the Banking (+0.8%) and Oil & Gas (+0.1%) indices recorded gains, while the Insurance (-1.2%) and Consumer Goods (-0.1%) indices declined. The Industrial Goods index closed flat.
As measured by market breadth, market sentiment was mixed (1.0x), as an equal number of tickers (25) gained and lost while 63 stocks closed flat. Overall, equities investors gained N75.44 billion, pushing market capitalisation to N35.56 trillion.
