Investors in the Nigerian stock market gained over ₦83 billion on Monday following a surge in telecom and palm oil company shares. The Nigerian Exchange (NGX) posted positive results, with the All-Share Index (ASI) increasing by 0.13% to close at 104,630.30 points.
However, the market sentiment remained lacklustre overall, with only 22 equities recording gains and 35 stocks declining. As a result, the advancers-to-decliners ratio was modest, at 0.63x, indicating cautious investor behaviour.
Leading the list of gainers were PRESCO and OKOMUOIL, which both saw a 10% increase in their share prices. Other stocks that performed well included TRANSCORP (+1.89%), MTN Nigeria (+1.24%), FCMB (+0.90%), and OANDO (+0.15%).
Market activity, however, was lower than the previous trading session. The total volume of shares traded fell by 59.64%, while the total value of transactions declined by 14.07%. Analysts at Atlass Portfolios Limited reported that approximately 510.57 million shares, valued at ₦13.25 billion, were exchanged in 14,611 deals.
In terms of trading volume, FBN Holdings (FBNH) led the market, accounting for 16.55% of all shares traded. Other actively traded stocks included Zenith Bank (10.75%), Universal Insurance (6.42%), United Bank for Africa (6.22%), and Fidelity Bank (3.83%).
Zenith Bank emerged as the most traded stock in terms of value, contributing 20.59% of the total market transactions. On the other hand, the biggest losers of the day included UPL (-10.00%), LASACO (-8.33%), NGXGROUP (-8.14%), and CADBURY (-4.35%).
Sectoral performance was mixed. The consumer goods sector declined by 0.61%, the banking sector fell by 0.40%, and the industrial sector dipped by 0.10%. However, the insurance sector grew by 0.54%, while the oil and gas sector edged up by 0.02%.
Overall, the stock market’s overall capitalisation grew by ₦83.09 billion, or 0.13%, despite decreases in certain sectors, bringing the market value to ₦64.79 trillion.
