Stock Market Maintains Strong Performance in First Day of Trading in New Week
- The Nigerian stock market extended its bullish run, with the All-Share Index (ASI) rising 0.65%
- The market’s advance was driven by strong performances in insurance, oil & gas, and consumer goods stocks
- Japaul Gold & Ventures Plc, Chams Plc, and Jaiz Bank Plc recorded the highest trading volumes
CHECK OUT: How to Start Earning with Copywriting in Just 7 Days – Even if You’re a Complete Beginner
Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian equities market continued its bullish run on Monday, February 23 , extending gains from previous sessions.
The benchmark All-Share Index (ASI) advanced by 0.65% to close at 196,263.55 points, compared with 194,989.77 points recorded in the previous session.
Source: Facebook
Investors opened the new week with a gain of N804.56 billion as the year-to-date (YTD) return strengthened further to 26.12%.
Market breadth closed slightly bearish, with 34 decliners against 33 gainers. FTG Insurance Plc and Okomu Oil Palm Company Plc topped the gainers’ chart, while Total Insurance Plc led the decliners.
Sector performance
The Nigerian stock market recorded broad gains across major sectors, driven by strong performance in consumer goods, oil & gas, and insurance stocks.
Top gainers
- FTG Insurance Plc rose from N0.60 to N0.66, gaining N0.06 (+10.00%).
- Okomu Oil Palm Company Plc advanced from N1,459.70 to N1,605.60, adding N145.90 (+10.00%).
- Fidson Healthcare Plc increased from N86.90 to N95.50, gaining N8.60 (+9.90%).
- Nigeria Police Force Microfinance Bank Plc jumped from N6.27 to N6.89, up N0.62 (+9.89%).
- Infinity Trust Mortgage Bank Plc rose from N15.75 to N17.30, gaining N1.55 (+9.84%).
Top losers
- Taj Sukuk Investment Company Plc fell from N99.41 to N85.90, losing N13.51 (–13.59%).
- Total Insurance Plc dropped from N19.50 to N17.55, down N1.95 (–10.00%).
- Lotus Halogen Investment Company Plc decreased from N245.00 to N220.50, losing N24.50 (–10.00%).
- Deap Capital Management Plc fell from N7.62 to N6.86, down N0.76 (–9.97%).
- Living Trust Mortgage Bank Plc dropped from N6.55 to N5.90, losing N0.65 (–9.92%).
Source: Getty Images
Most active stocks
A total of 1.29 billion shares worth N31.50 billion were exchanged in 95,091 deals.
- Japaul Gold & Ventures Plc led with 473.98 million shares valued at N1.97 billion.
- Chams Plc traded 51.52 million shares worth N221.26 million.
- Jaiz Bank Plc exchanged 48.27 million shares valued at N566.90 million.
- NSTelcom Plc recorded 46.34 million shares worth N68.76 million.
- Mutual Benefit Assurance Plc traded 42.45 million shares valued at N242.50 million.
Dangote sets timeline refinery shares will be available
Earlier, Legit.ng reported tha the chairman of the Dangote Group, Aliko Dangote, has announced that Nigerians will soon be able to invest directly in the Dangote Refinery, while urging the federal government to support local manufacturing to strengthen the naira.
Dangote announced the investment while hosting the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, and other board and executive members on a tour of the refinery.
Source: Legit.ng
