The Nigerian equities market commenced the week strongly, as the Nigerian Exchange Limited (NGX) recorded a significant increase in investor wealth on Monday.
Market capitalization rose by N804 billion, closing at N125.968 trillion from N125.164 trillion, representing a 0.64 percent gain. Correspondingly, the NGX All-Share Index advanced by 1,273.79 points to settle at 196,263.56, up from 194,989.77. This performance extends the bourse’s year-to-date return to 26.12 percent.
Market breadth was neutral, with an equal number of advancers and decliners at 35 each. Okomu Oil Palm and Fortis Global Insurance led the gainers, each posting a 10 percent increase to close at N1,605.60 and N0.66, respectively. Other notable risers included FG20203356, Fidson, and NPF Microfinance Bank.
On the downside, The Initiates topped the loser’s list with a 10 percent drop to N17.55. Declines were also seen in Deap Capital Management, Multiverse Mining, Livingtrust Mortgage Bank, and Ellah Lakes.
Trading activity showed a marked improvement. A total of 1.3 billion shares, valued at N31.5 billion, exchanged hands in 95,091 deals. This compares with 820.5 million shares worth N28.3 billion traded in the previous session, reflecting increases of 57 percent in volume, 11 percent in value, and 50 percent in the number of deals. Japaul Gold dominated volume with 473.98 million shares traded, accounting for 36.78 percent of the day’s total. In value terms, Aradel Holdings led with transactions worth N4.14 billion, representing 13.14 percent of the total.
In a parallel development, the NGX issued an investor alert concerning sharp and unusual price movements in certain listed securities. The exchange stated it observed significant volatility potentially disconnected from companies’ underlying fundamentals. The notice urged investors to make decisions based on careful analysis of corporate fundamentals, risk profiles, and financial performance. The NGX reiterated its commitment to vigilant market surveillance to maintain integrity and protect investors.
The session underscored a robust start to the trading week for Nigerian equities, albeit with an exchange warning that highlights the need for investor due diligence amid rapid price swings.
