The Nigerian Exchange (NGX) Limited ended the first trading session of the week on a positive note, as it appreciated by 0.95 per cent amid encouraging Q4 earnings of companies on the stock exchange.
Analysis of the market performance showed that investors saw the need to buy more shares during the session, leading to a significant increase in the level of activity.
A total of 201.4 million equities worth N5.7 billion exchanged hands in 4,332 deals yesterday, in contrast to the 171.1 million equities worth N2.3 billion transacted last Friday in 3,599 deals, indicating an improvement in the trading volume, value and the number of deals by 17.71 per cent, 147.83 per cent, and 20.37 per cent, respectively.
Zenith Bank attracted traders the most on Monday as it sold 36.8 million units, followed by GTCO, which exchanged 23.4 million units. Transcorp traded 17.1 million shares, UBA transacted 11.5 million stocks, and Geregu Power sold 11.1 million equities.
Business Post reports that apart from the insurance sector, which lost 1.23 per cent, and the energy space, which closed flat, every other counter ended bullish, with the banking, consumer goods and industrial goods sectors appreciating by 0.66 per cent, 0.24 per cent, and 0.08 per cent apiece.
Consequently, the All-Share Index (ASI) increased by 499.95 points to 53,157.83 points from 52,657.88 points, and the market capitalisation grew by N273 billion to N28.954 trillion from N28.681 trillion.
On Monday, the market breadth was positive as there were 28 appreciating stocks and 15 depreciating stocks, indicating a very strong investor sentiment.
The duo of John Holt and Geregu Power topped the gainers’ chart after they gained 10.00 per cent each to sell at N1.21 and N176.00, respectively. NAHCO shook off its troubles of last Monday after its employees disrupted airport operations in Lagos, improving by 9.62 per cent yesterday to trade at N8.55. International Energy Insurance maintained its upward trajectory with a 9.52 per cent growth to close at 69 Kobo, and May and Baker jumped by 8.26 per cent to N4.85.
Conversely, Coronation Insurance topped the losers’ table during the session with a decline of 8.89 per cent to settle at 41 Kobo, Tripple Gee shed 8.57 per cent to close at 96 Kobo, Royal Exchange depreciated by 7.14 per cent to 78 Kobo, Honeywell Flour reacted to N5.5 billion lawsuit loss with a 6.44 per cent fall to close at N2.18, and UPDC dropped 5.94 per cent to trade at 95 Kobo.