Market bulls dominate as investors gain N331bn on NGX

Onome Amuge

Nigeria’s stock market closed on a positive note, with sustained buying interest in major stocks driving a surge in investor wealth by N331 billion. 

The equities market, which had performed strongly the previous week, continued its upward trajectory as the Nigerian Exchange (NGX) commenced trading activities with positive momentum. 

The NGX All-Share Index recorded a gain of 544.57 basis points, closing at 99,922.63 points, while the market capitalisation of listed equities rose by 0.55 percent.

Today’s bullish performance in Nigeria’s stock market was propelled by increased investor appetite for medium- and large-scale stocks. This positive sentiment was reflected in the uptick in trading activities on the NGX platform, with total volume and value of traded stocks rising by 36.13 percent and 58.75 percent, respectively. 

According to data from the local bourse, approximately 740.89 million units worth N16,877.33 million were traded across 10,430 deals.

The equities market saw ARADEL emerge as the most traded stock by value, accounting for 49.77 percent of the total value traded on the Nigerian Exchange (NGX) platform. 

Meanwhile, ROYALEX and LIVINGTRUST topped the list of gainers with a price appreciation of 10 percent each, driven by strong investor interest and positive market sentiment. 

The stock trading volume on the NGX was dominated by STERLINGNG, which accounted for 26.61 percent of the total volume traded, followed by WEMABANK with 20.33 percent, ETRANZACT with 9.47 percent, ACCESSCORP with 2.77 percent, and UBA with 2.38 percent.

Trailing the top gainers were INTBREW, which saw a 9.90 percent gain in value, followed closely by GUINEAINS (+9.84%), CAVERTON (+9.60%), AUSTINLAZ (+9.26%), and ARADEL (+9.13%).

Amid the positive market sentiment, twenty-five stocks experienced price depreciation, with UPL topping the list as the biggest loser of the day with a -9.81% decline. 

Other notable decliners included HMCALL (-9.62%), INTENEGINS (-9.52%), AFRIPRUD (-6.96%), NEIMETH (-4.50%), and GTCO (-1.79%), all of which suffered losses as investor interest shifted towards other equities in the market.