Market News
Investors gain N310bn as NGX index advances - PUNCH
Investors on the Nigerian Exchange Limited gained N310bn at the close of trading on Wednesday as the benchmark All-Share Index rose 0.35 per cent.
The market capitalisation of listed equities climbed to N89.9tn from N89.59tn recorded in the previous session, driven largely by gains in blue-chip stocks across the oil and gas, consumer goods, and banking sectors.
At the end of the session, the All-Share Index advanced by 489.43 points to settle at 142,036.23. This translated to a one-week gain of 1.19 per cent, a four-week decline of 0.4 per cent, and a year-to-date return of 38 per cent, underscoring the resilience of the equities market despite recent volatility bouts.
Market activity also improved significantly, with investors trading a total of 1.004bn shares valued at N24.65bn in 23,272 deals. This represented a 142 per cent improvement in volume and a 90 per cent rise in turnover compared with the previous trading day. However, the number of deals declined by eight per cent, reflecting fewer but larger-value transactions.
In terms of sectoral performance, the Oil & Gas Index surged 2.59 per cent, while the Consumer Goods Index appreciated 0.9 per cent, bringing their year-to-date gains to -8.44 per cent and 91.33 per cent, respectively. The Main Board Index rose 0.43 per cent, the Pension Index gained 0.4 per cent, and the Premium Index advanced 0.18 per cent.
Chellarams Plc led the pack of 26 gainers with a 9.77 per cent rise to close at N14.60 per share. It was followed by Austin Laz & Company, which appreciated 9.67 per cent; The Initiates Plc, with an 8.08 per cent gain; and Sovereign Trust Insurance, which rose 7.37 per cent.
On the flip side, Guinea Insurance topped the losers’ chart after its share price shed 9.7 per cent to close at N1.49 per share. Cornerstone Insurance followed with a decline of 8.68 per cent, and Legend Internet dipped 7.27 per cent, while Deap Capital Management and Trust lost 7.06 per cent.
Abbey Mortgage Bank emerged as the most traded stock by volume with 401m shares worth N2.72bn, followed by Fidelity Bank, which exchanged 255m shares valued at N5.27bn. United Bank for Africa recorded 23.2m shares worth N1.09bn, while First HoldCo traded 22.5m shares valued at N699.6m.
In terms of value, Aradel Holdings led with transactions worth N6.88bn, followed by Fidelity Bank (N5.27bn), Abbey Mortgage Bank (N2.72bn), Dangote Cement (N1.56bn), and UBA (N1.09bn).
Overall, market breadth closed negative with 32 losers against 26 gainers, even as the market’s positive close reflected renewed investor appetite for large-cap stocks and select mid-tier equities. Analysts noted that the rebound in oil and gas as well as consumer goods stocks contributed significantly to the N310bn gain.
