Nigerian Equities Market Gains N412 Billion Amid Banking Sector Pressure
The Nigerian Exchange (NGX) opened on Monday with positive momentum as investors secured gains exceeding ₦412 billion, despite significant sell-offs that impacted the banking index.
Active bargain hunting pushed key performance indicators up by 0.62%. This bullish start resulted from renewed investor interest in both large-cap and mid-cap fundamentally strong stocks across major market sectors.
Market sentiment improved on the back of recently released first-quarter earnings reports and dividend distributions by various listed companies. According to trading data, the All-Share Index (ASI) advanced by 655.93 basis points to close at 106,698.50.
Market analysts noted in their reports that trading activity on the local exchange improved on Monday, with the total volume and value of trades increasing by 0.66% and 26.61%, respectively.
Atlass Portfolios Limited informed investors in its market update that approximately 569.04 million units valued at ₦18,934.14 million changed hands across 18,612 transactions.
Looking at volume metrics, FIRSTHOLDCO led the activity chart, representing 18.66% of the total trading volume, followed by GTCO (15.34%), ACCESSCORP (7.55%), JAPAULGOLD (7.26%), and CHAMS (4.15%), completing the top five most active stocks.
From a value perspective, banking sector giant GTCO Plc emerged as the most traded stock, accounting for 29.40% of the total value of all transactions executed on the exchange.
The day’s top performer was BETAGLAS, which appreciated by 9.97%, followed by TIP (+9.90%), CADBURY (+9.87%), CAVERTON (+9.77%), MULTIVERSE (+9.45%), DAARCOMM (+9.26%), and twenty-nine additional gainers. Trading records showed that twenty-nine stocks declined on the NGX platform, with ETI leading the losers with a price drop of 9.62%.
Other declining stocks included CUSTODIAN (-4.72%), ACCESSCORP (-3.88%), JAPAULGOLD (-3.54%), OANDO (-1.68%), and TRANSCORP (-1.10%). Despite these losses, market breadth remained positive, with 35 gainers outpacing 29 losers.
Sectoral performance was largely positive, with four of the five major market sectors finishing in the green. The consumer goods sector led with growth of 2.90%, followed by the insurance sector at 2.69% and the oil & gas sector, which advanced by 2.58%.
The industrial sector posted a modest increase of 0.07%, while the banking sector was the only decliner, recording a loss of 1.62%. Overall, the equities market capitalization of the Nigerian Exchange increased by ₦412.26 billion to close at ₦67.06 trillion.
