NGX posts N123bn profit in bullish start to trading week

Business a.m.

The Nigerian Exchange (NGX) kicked off the new week and September with a bang, as investors gained a whopping N123 billion at the close of trading on Monday, September 2, 2024.

Driving the market rally was a surge in the share prices of major companies such as Oando, IMG, and eTranzact, among others, which attracted significant investor interest on the trading floor.

After a bustling day of trading, the Nigerian equity capitalisation soared toN55.601 trillion, representing a significant increase from the previous week’s closing value of N55.478 trillion.

The All-Share Index (ASI) also saw a notable uptick, climbing to 96,793.95 points from 96,580.01 points the previous week.

Despite the overall positive market sentiment, the market breadth remained slightly negative, with 28 stocks posting gains and 29 stocks recording losses, while 58 stocks remained stable.

Oando, IMG, and eTranzact emerged as the top gainers in the market with each stock posting double-digit gains.

Oando saw its share price jump 9.95 percent to N84.55 from N76.90, while IMG shares surged 9.85 percent to N29.00 from N26.40, and eTranzact shares climbed 9.80 percent to N5.60 from N5.10.

On the other end, the day’s biggest losers in the Nigerian equities market were Livestock, Rtbriscoe, and Cornerstone, as each stock plunged double digits.

Livestock shares tumbled 10 percent to N2.25 from N2.50, Rtbriscoe shares dipped 9.86 percent to N3.20 from N3.55, and Cornerstone shares fell 9.63 percent to N2.44 from N2.70.

Oando emerged as the most valuable stock on the Nigerian equities market,with its shares totaling N3.2 billion in 1562 deals.

Zenith Bank followed close behind with a trading value of N1.5 billion in 858 deals, while United Bank for Africa (UBA) ranked third in terms of value, exchanging N1.3 billion worth of shares in 940 deals.