- NGX market capitalisation rose by ₦2.324tn to ₦163.917tn on Monday.
- The All-Share Index gained 1.42 per cent to close at 252,456.74 points.
- AXA Mansard, Sovereign Trust Insurance and Dangote Cement led the gainers.
- Despite the market’s overall advance, 28 stocks declined against 21 gainers.
- Trading volume increased by 20.03 per cent to 453.31 million shares.
The Nigerian Exchange (NGX) opened the week with a strong rally on Monday, adding ₦2.324 trillion to its market capitalisation as investors increased demand for shares of AXA Mansard Insurance, Sovereign Trust Insurance, Dangote Cement, Oando and Fidelity Bank.
Market capitalisation rose to ₦163.917 trillion from ₦161.593 trillion recorded at the close of trading on Friday, reflecting a 1.44 per cent increase in the value of listed equities.
The All-Share Index (ASI) also advanced by 3,579.52 points, or 1.42 per cent, to close at 252,456.74 points, up from 248,877.22 points in the previous session.
The gain lifted the market’s year-to-date return to 62.23 per cent, indicating that the Nigerian equities market has maintained substantial gains since the beginning of the year.
However, the overall rise in market value did not reflect the performance of most stocks, as market breadth remained negative. Twenty-eight equities recorded losses, compared with 21 that advanced.
THE ISSUES
AXA Mansard Insurance led the gainers with a 9.75 per cent increase to close at ₦12.95 per share. Sovereign Trust Insurance followed closely, rising 9.74 per cent to ₦2.14, while Dangote Cement gained 9.61 per cent to settle at ₦1,469.90.
Oando added 8.46 per cent to close at ₦35.90, while Fidelity Bank advanced 6.85 per cent to ₦24.95 per share.
Other equities also recorded gains, but the broader market still had more declining stocks than advancing ones.
Thomas Wyatt led the losers, shedding 9.62 per cent to close at ₦2.35. University Press fell 8.70 per cent to ₦4.20, while Fortis Global Insurance declined 7.38 per cent to ₦1.38.
The Initiates lost 6.88 per cent to finish at ₦25.05, while Zichis Agro Allied Industries dropped 5.59 per cent to ₦16.05 per share.
WHAT’S NEXT
Trading activity strengthened during the session, with total volume increasing by 20.03 per cent to 453.31 million shares. The shares were valued at ₦30.55 billion and exchanged across 42,891 deals.
CHAMS recorded the highest trading volume, with 72.61 million shares changing hands, representing 16.02 per cent of total shares traded.
Seplat Energy led by transaction value, with trades worth ₦5.20 billion, accounting for 17.01 per cent of the market’s total value.
The NGX began the week with a significant increase in market value, supported by strong gains in major equities such as Dangote Cement, AXA Mansard and Oando.
However, the higher number of declining stocks shows that the rally was concentrated in selected shares rather than spread across the wider market.
SOURCE: BizWatchNigeria.Ng
