After a tumultuous three-week bearish hold on the Nigerian Exchange, the market opened the week on a positive note on Monday, resulting in a 0.56% increase in the All Share Index (ASI) to close at 105,551.39 points, with investors gaining N368.98 billion.
As expected, the positive momentum in the equities market, pushed the market capitalization to N66.18 trillion at the end of the day’s trading session.
Largely, the boom in the value of the local bourse could be linked to investors’ renewed interest in Banking stocks, such as GTCO (6.53%), ZENITHBANK (5.04%), and FIRSTHOLDCO (5.744%) amongst others.
Similarly, based on data from the Nigerian Exchange Group (NGX) on the trading, the metrics showed a mixed result as total volume traded increased by 10.90% to 440.51 million units while the total value traded declined by 26.12% settling at N10.47 billion.
On the gainers and losers’ charts, ROYALEX led the market gainers with a 10% increase, followed closely by LIVESTOCK, which appreciated by 9.87%. A major market event involved AFRIPRUD, whose stock price was adjusted following a N0.60 dividend payout and a 1-for-1 bonus recommendation by the Board. The stock, which had a last close of N33.00 and an ex-dividend price of N16.20, depreciated by 5.56% to settle at N15.30 per share.
According to the metrics, Banking stocks dominated the trade volume chart as ZENITHBANK 5.04%, FCMB 5.56%, UBA 2.72%, ACCESSCORP 1.81% and FIDELITYBK 1.96% jointly accounting for 50% of the total volume traded.
Similarly, on the value chart ZENITHBANK dominated, exchanging N2.60 billion and accounting for 24.88% of the total value traded, while UBA, which declared a final dividend of N3.00 per share, traded N1.83 billion and closed at N37.80.
A further analysis of the NGX data reflected that sectoral performance of the equities was mixed as three out of the five sectors closed in the green while the other closed in the red. The Banking Index led the gainers on the back of sector-wide gains, except STERLINGNG, which declined by (-3.95%).
The Oil and Gas index grew by 0.39% following gains in OANDO 3.92% and MRS 3.15% while Consumer Goods index gained an increase of 0.07% based on gains in HONYFLOUR 6.67%, MCNICHOLS 5.10% and NB 0.75%.
Conversely, despite gains in ROYALEX 10%, UNIVINSURE 9.72%, SUNUASSUR 9.22% and WAPIC 7.21% the Insurance index dipped by 1.49% as declines in AFRIPUD (-5.56%), MANSARD (-4.44%), AIIC0 (-2.60%), CORNERST (-2.62%) weighed down the sector, while the Industrial index marginally declined at the close of the trading session.
