NGX start new week on a positive note as 5 companies lead gainers table
- The stock market opened the new week on a positive note, gaining 0.305 at the close of trading on Monday
- The rally was driven by strong investor demand for University Press, PZ Cussons, Ellah Lakes, Legend Internet, and NCR, which topped the gainers’ list
- FCMB Group, Universal Insurance, Royal Exchange, Zenith Bank, and First Holdco were among the most actively traded stocks
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
New data from Nigerian Exchange showed that the equities market kicked off the new week on a positive note as equities gained 0.30% at the close of trading on Monday, September 8.
Data from the trading floor showed that the NGX All-Share Index (ASI) rose to 139,394.75 points, while the equities market capitalisation increased to N88.20 trillion.
Source: Facebook
After Monday’s session, the market breadth was positive with 34 stocks advancing, 15 declining, and 87 remaining unchanged in 36,036 deals.
CardinalStone research analysts, in their Model Equity Portfolio, noted:
“This week, we will likely maintain our current portfolio positioning across the board while looking out for the highly anticipated H1’25 audited results and possible interim dividend announcements from the banking tickers. Accordingly, portfolio adjustments will be made as necessary to keep positioning optimal, with any mid-week changes communicated through the Daily Market Summary.”
Top gainers
- University Press Plc gained N0.50, rising from N5.00 to N5.50 per share (+10.00%).
- PZ Cussons Plc gained N3.20, moving from N32.00 to N35.20 per share (+10.00%).
- Ellah Lakes Plc gained N1.29, increasing from N12.98 to N14.27 per share (+9.94%).
- Legend Internet Plc gained N0.49, climbing from N4.95 to N5.44 per share (+9.90%).
- NCR Plc gained N1.25, moving from N12.70 to N13.95 per share (+9.84%).
Top losers
- Enamelware Plc declined by N3.90, falling from N39.00 to N35.10 per share (−10.00%).
- Industrial & Medical Gases (IMG) Plc dropped N3.70, decreasing from N37.00 to N33.30 per share (−10.00%).
- Union Dicon Salt Plc lost N1.20, moving from N12.00 to N10.80 per share (−10.00%).
- Thomas Wyatt Plc fell by N0.30, declining from N3.00 to N2.70 per share (−10.00%).
- FGS UK 2025S2 bond dropped N9.99, from N100.00 to N90.01 (−9.99%).
Source: Getty Images
Stock market activity remains strong
FCMB Group, Universal Insurance, Royal Exchange, Zenith Bank, and First Holdco were the most actively traded stocks as investors exchanged 947.87 million shares worth N17.97 billion.
Top active trades
- FCMB Group Plc recorded a turnover of 460.95 million shares valued at N4.74 billion.
- Universal Insurance Plc traded 42.22 million shares worth N53.39 million.
- Royal Exchange Plc exchanged 35.22 million shares valued at N72.50 million.
- Zenith Bank Plc recorded 26.73 million shares worth N1.73 billion.
- First Holdco Plc traded 25.91 million shares valued at N791.01 million.
UBA extends Rights Issue subscription period
Legit.ng reported that United Bank for Africa Plc (UBA) announced an extension of its ongoing Rights Issue application period.
Initially scheduled to close on Friday, September 5, the offer will now end on Friday, September 19, following approval from the Securities and Exchange Commission (SEC).
“This extension is aimed at providing shareholders with additional time to fully exercise their rights and participate in the Rights Issue,” the bank said in a notice dated September 4.
Source: Legit.ng
