Stock Market Begins Week on Positive Note As NGX Regains N160trn
- The Nigerian stock market gained as bargain-hunting by investors pushed market capitalisation back above the N160 trillion mark
- The energy index led sectoral gains with a 2.19 per cent increase, while insurance, banking, consumer goods, and industrial goods stocks declined
- Zichis, Aradel Holdings, and Secure Electronic Technology were among the top gainers, while Access Holdings, GTCO, and Nigerian Breweries led trading activity
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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.
The Nigerian stock market started the week on a positive note on Monday as bargain-hunting by investors supported a modest 0.29% gain.
The growth was largely driven by the energy sector, although cautious trading and declines across several other sectors kept the market’s performance relatively fragile.
Source: Getty Images
Nigerian stock market records modest growth
Data showed that the value of the Nigerian Exchange (NGX) Limited again crossed the N160 trillion threshold after falling below the mark for a while.
Market capitalisation gained N1.041 trillion to close at N160.600 trillion compared with N159.559 trillion recorded last Friday.
Similarly, the All-Share Index (ASI) increased by 707.34 points to close at 247,699.78 points from 246,992.44 points in the previous trading session.
Sector performance
- NGX Energy Index led the gainers, rising by 2.19 per cent.
- NGX Insurance Index declined by 1.22 per cent.
- NGX Banking Index depreciated by 0.72 per cent.
- NGX Consumer Goods Index slipped by 0.10 per cent.
- NGX Industrial Goods Index dipped by 0.01 per cent.
Top gainers
- Zichis appreciated by 9.97 per cent to N18.20.
- Aradel Holdings improved by 5.38 per cent to N1,570.00.
- Secure Electronic Technology soared by 4.29 per cent to 73 kobo.
- International Breweries grew by 3.02 per cent to N10.25.
- MTN Nigeria rose by 2.45 per cent to N832.90.
Top losers
- Omatek declined by 10.00 per cent to N1.53.
- Caverton slipped by 10.00 per cent to N4.05.
- CMFC crumbled by 9.85 per cent to N2.38.
- SUNU Assurances crashed by 9.42 per cent to N2.98.
- DAAR Communications lost 9.41 per cent to trade at N1.54.
Twelve stocks ended on the gainers’ chart, while 43 stocks closed on the losers’ table, indicating negative market breadth and weak investor sentiment.
Most active stocks
A total of 407.9 million shares worth N27.3 billion were traded in 52,322 deals, compared with 2.2 billion shares valued at N73.4 billion exchanged in 42,709 deals in the preceding session.
Source: Getty Images
This represented an 81.46 per cent decline in trading volume, a 62.81 per cent drop in trading value, while the number of deals increased by 22.51 per cent.
- Access Holdings led the activity log with 40.0 million shares valued at N1.2 billion.
- FCMB traded 25.6 million shares worth N297.7 million.
- Sterling Holdings exchanged 18.1 million shares valued at N136.9 million.
- GTCO sold 17.0 million shares worth N2.2 billion.
- Nigerian Breweries transacted 14.5 million shares valued at N1.2 billion.
Dangote Refinery shares
Earlier, Legit.ng reported that Aliko Dangote, President of Dangote Industries Limited, said on Monday that domestic workers, traders, drivers, cooks, and managers will all be eligible to buy shares in the Dangote Petroleum Refinery and Petrochemicals when it launches its Initial Public Offering (IPO).
Dangote announced the signing ceremony for the IPO's registration documents in Lagos, calling the offer an "IPO for the people" designed to give ordinary Nigerians and other Africans a direct stake in Africa's largest oil refinery.
The offer price is set at N525 per share.
Source: Legit.ng
