NGX opens week bullish, market cap gains N160bn

File: Nigerian Exchange trading floor

The Nigerian equities market kicked off the week on a bullish note on Monday, as gains recorded in Nestle Nigeria Plc and 19 other stocks pushed the total market capitalisation up by N160bn.

The All-Share Index rose by 246.50 basis points or 0.10 per cent to close at 243,299.24 points, while market capitalisation increased to N157.747tn from N157.587tn.

The upturn was driven by price appreciation in medium and large-capitalised stocks, including Nestle Nigeria, Nigerian Exchange Group Plc, FBN Holdings Plc, Custodian Investment Plc, and Dangote Sugar Refinery Plc.

Despite the positive close in overall value, investor sentiment remained negative as market breadth closed with 28 losers against 19 gainers.

Royal Exchange Plc and Nigerian Exchange Group led the gainers’ table with a 10 per cent surge each to close at 99k and N162.80 per share, respectively. RT Briscoe Nigeria Plc gained 9.88 per cent to close at N8.90, Secure Electronic Technology Plc rose by 7.69 per cent to 70k, while Prestige Assurance Plc appreciated by 7.19 per cent to close at N1.49.

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Conversely, John Holt Plc topped the losers’ chart, shedding 10 per cent to close at N8.10 per share. DAAR Communications Plc and Ellah Lakes Plc followed, dropping 9.80 per cent each to close at N1.38 and N9.20, respectively.

Regency Alliance Insurance Plc declined by 8.97 per cent to 71k, while Learn Africa Plc slid by 8.67 per cent to N7.90.

Market activity weakened as total volume traded dropped by 22.4 per cent to 428.97 million units valued at N20.52bn, executed in 54,592 deals.

Sterling Financial Holdings Company Plc led the volume chart with 78.05 million shares worth N588.87m. Mutual Benefits Assurance Plc followed with 42.11 million shares valued at N118.14m, while Chams Holding Company Plc traded 28.50 million shares worth N98.42m.

Fidelity Bank Plc recorded 25.84 million shares valued at N497.82m, and Access Holdings Plc traded 21.58 million shares worth N613.81m.