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Equities market cap crosses N35tr as investors gain N851b

Nigeria’s equities market capitalisation crossed N35 trillion Monday following a strong bullish display that pushed investors’ wealth higher by about N851 billion. This suggests the Lagos exchange is out to consolidate its uptrend after a more than N1 trillion weekly gain reported last week. 

With improved sentiment, key indicators have been breaking ceilings as the Nigerian Exchange (NGX) performance beats emerging market peers. Following its sustained uptrend, the Nigerian Exchange All-share index closed at 64,603.69 points, marking a 2.48% surge from its previous value of 63,040.87 points.

This noteworthy increase reflects the growing confidence among investors in the market, highlighting the potential for profitable investment opportunities, Futureview Financial Services said in an update to investors.

The surge in key indicators was driven by price appreciation in DANGCEM (+10%), CONOIL (+9.97%), MTN (+1.82%), MRS (+10%), and FBNH (+9.85%).

These stocks and 66 others influenced investor sentiment positively, highlighting their potential as lucrative investment options, stockbrokers at Futureview said.

With the boom in the local bourse, market data showed that the Year to Date expanded to 26% on Monday from 23% at the close of the trading session last week.

Market activities inched upward for the day as the total volume and total value traded increased by +49.80% and +59.11% respectively. Approximately 1,839.05 million units valued at ₦22,033.06 million were transacted in 14,584 deals, Atlass Portfolios Limited told investors in its market update.

Despite the large bargain hunting record, the market breadth decreased from 5.08x to 3.74x, indicating a narrower breadth, according to Futureview market analysts.

FBNH was the most traded stock in terms of volume, accounting for 10.79% of the total volume of trades, followed by UNIVINSURE (10.05%), STERLINGNG (8.80%), TRANSCORP (8.51%), and AIICO (5.35%) to complete the top 5 on the volume chart.

Likewise, FBNH was also the most traded stock in value terms, with 20.06% of the total value of trades on the exchange. MRS, NEIMETH, DAARCOMM, JAIZBANK, and DANGCEM topped the advancers’ chart for today with a price appreciation of 10.00 percent each.

These tickers were trailed by TRANSCOHOT (9.98%), CONOIL (+9.97%), GOLDBREW (+9.95%), JAPAULGOLD (+9.91%), and Sixty-one others.

PHARMDEKO was the top loser, with a price depreciation of -9.85% to close at ₦1.83. UNIONDICON (-9.50%), BERGER (-9.09%), GUINEAINS (-7.69%), CHAMPION (-5.43%), and OANDO (-3.45%) also dipped in price.

Futureview stock traders said in the firm market update that out of a total of 128 stocks, 71 stocks gained, 19 stocks declined, and 38 stocks remained unchanged by the end of the trading session. On Monday, the market sector performance closed positive, as four of the five major market sectors were up, led by the Industrial sector (+5.13%), followed by the Insurance sector (+4.18%). 

Also, the Oil & Gas index rose by 2.61% and the Banking index popped up by 2.61%, while the Consumer Goods index dropped by -0.18%. Overall, the equities market capitalisation spiked ₦851.22 billion, representing a rise of +2.48%, to close at ₦35,177.35 trillion from ₦34,326.13 trillion last Friday.

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