Equity investors on the Nigerian Exchange (NGX) platform saw a notable gain of about N184 billion as oil stocks surged. This marked the second consecutive day of positive trading, fueled by investors seeking value stocks.
Key performance metrics consequently rose by 0.31%, increasing year-to-date returns to 31.74%. The All-Share Index closed at 98,509.68, up 302.71 basis points.
According to stockbrokers, the market’s upward trajectory was attributed to bargain hunting in large and mid-cap stocks, including CONOIL (+10.00%), ARADEL (+7.53%), WAPCO (+1.54%), NB (+1.29%), STANBIC (+0.53%), FIDELITYBK (+0.32%), OANDO (+0.24%), ZENITHBANK (+0.23%), FBNH (+0.19%), and UBA (+0.15%).
Over two trading sessions, the equities market capitalization has grown by N244 billion, with gains recorded across all major sectors. Despite the positive sentiment, trading volumes and values declined by 65.93% and 49.44%, respectively. Atlass Portfolios Limited reported that approximately 320.10 million units worth N6,477.91 million were traded across 7,943 deals.
ETRANSACT led the activity chart, contributing 21.96% of the total traded volume, followed by UNIVINSURE (7.44%), ZENITHBANK (6.63%), FBNH (5.82%), and UBA (4.36%). ARADEL topped the value chart, accounting for 18.85% of the total value traded.
Leading the gainers’ chart were AFRIPRUD, CONOIL, and RTBRISCOE, each with a 10.00% price increase. Other notable gainers included GOLDBREW (+9.95%), NEM (+9.74%), TANTALIZER (+9.59%), and TRANSEXPR (+9.52%). In total, 34 stocks recorded price appreciation.
On the other hand, 17 stocks depreciated, with JBERGER leading the losers’ chart at -10.00%. Other decliners included MULTIVERSE (-7.63%), HMCALL (-6.07%), HONYFLOUR (-5.62%), NEIMETH (-4.76%), and FTNCOCOA (-3.78%).
Market breadth closed on a positive note, with 34 gainers against 17 losers. All five major market sectors recorded gains: the oil and gas sector rose by 2.59%, insurance by 2.34%, industrial by 0.15%, banking by 0.06%, and consumer goods by 0.04%.
The market capitalisation of the NGX increased by N183.50 billion overall, closing at N59.72 trillion.
