Equities investors gain N23bn as NGX maintains bulls

Equities market continues on a bullish trend, on Monday, as the benchmark index of the Nigerian Exchange Limited (NGX) rise by 0.10 per cent by the close of trading activities.

The local bourse kicked off the week on a positive note, as bargain buying on Dangote Cement stocks buoyed overall performance to a 0.1 gain in the All-Share Index to 43,897.13 basis points.

Accordingly, the Year-to-Date return increased to +2.8 per cent, just as the market capitalization settled at N23.65 trillion after adding N23 billion.

As measured by market breadth, market sentiment was positive as 28 tickers gained relative to 19 losers.

BUA Foods maintenance dominance at the Exchange, as it led the best five performing stocks having further gained 9.96 per cent to settle at N58.50 Kobo per share, followed by MRS whose shares appreciated by 9.72 per cent to close N13.55 Kobo per share.

Also, PZ notched 8.53 per cent to its share value, AIICO Insurance advanced by 7.69 per cent, while Dangote Cement increased in shares value by four per cent.

Conversely, the Union Bank of Nigeria led other losers having depreciated by 6.90 per cent, followed by MTN Nigeria whose shares dipped by 5.84 per cent. FlourMills of Nigeria’s shares also decreased 10 per cent, while Oando shed 2.95 per cent from the value of its shares.

Despite the northward movement in the benchmark index, Performance across sub-indices were largely negative, except for the NGX Insurance index and the NGX Industrial index which rose by 2.77 per cent and 1.71 per cent respectively.

The NGX Banking index, NGX Consumer Goods Index and the NGX Oil/Gas index fell by 0.12 per cent, 0.05 per cent and 0.58 per cent respectively.

Despite the increase in performance index, activities waned at NGX on Monday as the market went rather weak with the volume and the value of stocks traded depreciating by 21.23 per cent and 30.30 per cent to 311.26 million shares and N 8,64 billion respectively.

BUA Foods was the most traded stock by volume and value at 101.36 million units and N5.93 billion, respectively.

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Equities investors gain N23bn as NGX maintains bulls