NGX Begins Week On A Bullish Trend As Investors Gain N63bn

The equities segment of the Nigerian Exchange (NGX) on Monday began this week’s trading activities on a bullish trend, recording a significant appreciation of N63 billion in market capitalization.

The recent rally that started in November 2022 selling has seen market capitalisation crossing the N26 trillion mark again, gaining +0.24 per cent to close at N26,291.49 trillion from N26,228.54 last Friday.

Also, the Nigerian Exchange All-Share Index opens positive yesterday as investors see another large gain in the first trading session, while the ASI index increased by 115.58 basis points to close at 48,270.23 points amidst an expectation that the market could close at 50,000 points in 2022.

However, market activities were mixed, as the total volume traded for the day surged by +303.57 per cent, while the total value traded for the day fell by -16.95 per cent, Stockbrokers at Atlass Portfolios said in a market report.

Market data indicates that approximately 645.03 million units valued at N4,190.07 million were transacted in 3,486 deals. FBNH was the most traded stock in terms of volume, accounting for 45.26% of the total volume of trades.

It was followed by ZENITH BANK (6.22%), TRANSCORP (5.65%), GTCO (4.46%), and WAPCO (3.72%) to complete the top 5 on the volume chart. FBNH ranked as the most traded stock in value terms, with 35.72% of the total value of trades on the exchange.

GUINNESS topped the advancers’ chart with a price appreciation of 10.00 per cent.

On the gainers’ chart, ETERNA popped by 8.78 per cent, ROYALEX surged by 8.33 per cent and LINKASSURE did a 7.50 per cent gain. PRESCO’s share price increased by 6.64 per cent in addition to fourteen others that witnessed buying interest from investors in the local bourse.

On the other hand, sixteen stocks depreciated, and GEREGU was the top loser, with a price depreciation of -9.85 per cent to close at N110.70 – the relatively new listed share came to the local bourse at N100.

On the loser’s chart, SCOA lost 9.43 per cent of its market valuation while LASACO was priced down by 4.49 per cent. LIVESTOCK fell by 2.73 per cent, ZENITH BANK declined by 2.42 per cent, and FBNH went down by 2.23 per cent. Overall, the trading session ended with 19 gainers and 16 losers while sector performance closed positively.