Market Cap Grows By N21.61 Billion As NGX Equity Market Continues Bullish Run

Trading in the NGX equity market continued from its bullish closure of the previous week, as gains accelerated on the positive close from capitalized stocks of FBNH (+1.2%), GTCO (+0.78%), DANGCEM (+0.59%) and ZENITHBANK (+0.20%). Hence, the All-share Index advanced by an additional 0.1% which represents a growth of 41.40bps to close at 42,394.71 basis points.

As a result, ASI gains reduced its gap from the 52-week high of 43,730.55 basis points (the critical resistance point) to 1,335.84 basis points and progressed away by 8,143.997 basis points from the 52-week low of 34,250.74 basis points (critical support point).

Unfortunately, only the Month-to-Date (M-t-D) declined by -1.97%, while the Week-to-Date (W-t-D) and Year-to-Date (Y-t-D) moderated their gains to +0.1% and +5.27%, respectively.

Despite the growth attained by the ASI, the volume of stocks traded decreased by 58.39% to 142.17 million units as against Friday’s position of 341.69 million units traded. These shares were worth NGN2.49 billion, exchanged in 3,749 deals as against NGN3.54 billion traded on Friday.

As a result of this bullish closure, the equity market recorded a significant gain of NGN21.61 billion to close at NGN22,128.90, as against its previous day position of NGN22, 107.29 trillion.

FBNH continues to be the toast of investors as it was the most traded stock by volume activity at 20.19 million units, while DANGCEM topped the most valuable stock by transaction activity with NGN726.27 million.

Other notable stocks of mention were MTNN and GTCO with a value activity of NGN357.19 million and NGN270.91 million respectively.

Analyzing by sectors’ performance, industrial goods (+0.3%), banking (+0.3%) indices recorded gains while the insurance (-0.5%), and the oil and gas (-0.4%) indices suffered losses. However, the consumer goods index was flat.

As measured by market breadth, market sentiment was positive, as 20 companies’ stocks gained relative to 11 companies’ stocks that lost.

The gainers’ chart was dominated by NEIMETH (+9.8%), ROYALEX (+8.7%), MBENEFIT (+7.69%), REGALINS (+7.32%), and UBN (+5.43%).

While CILEASING (-8.7%), CHIPLC (-6.9%), WAPIC (-5.88%), LASACO (-5.45%), and NAHCO (-3.48%).