NGX Gain N404 Billion in Monday Trading Session

Investors at the Nigerian Stock Exchange recorded a lift on the first day of the trading week. Trading experienced a bull run following investors' interest in banking stocks. Market capitalisation gained N404 billion at the close of yesterday's trading.

However, at the close of trading on Monday, sub-sector indices experienced bullish results, with the banking index leading gainers with a 2% increase, which was driven by buy pressure in Wema Bank, Zenith Bank, UBA, Access Holdings, and Fidelity Bank Plc.

The financial services sector experienced a downturn in the past week on the Nigerian Exchange Limited due to retracement in the prices of key stocks such as Ecobank Transnational Incorporated, NEM Insurance, United Bank for Africa, FCMB Group and AIICO, not to mention investors' appetite for stocks listed on the industrial goods index.

The NGX insurance sector recorded a gain of 1.48%, while the Consumer and Industrial Goods indexes saw mild gains of 1.09% and 0.11%, respectively. The Oil/Gas sector lost 0.23% due to selling sentiments at Eterna Plc.

At the close of trading, the NGX benchmark index rose by 0.70% to reach 102,044.84 points, reflecting a year-to-date return of 36.47%.

The positive trading result led the market capitalisation to N57.6tn, resulting in investors gaining about N404bn.

The NGX market sentiments were also positive, as 34 securities recorded gains compared to 16 losers.

Top Gainers:  Honeywell Flourmill and NEM Insurance, which gained 10% each, closed at N3.74 and N6.05. Dangote Sugar followed with a 9.97% to close at N61.20.

Top Losers: Prestige Assurance,  LASACO, and UAC Nigeria lost 10%, 9.83%, and 9.68% to close at N0.54, N2.11, and N12.60 per unit, respectively.

Trading activities across the stock market displayed positive sentiment.

Total deals and volume rose by 5.17% and 22% to 11,344 trades and 436.90 million units, respectively. However, the total value declined by 13.98% to N17.10bn.

The shares of Guaranty Trust Holding Company emerged as the most traded security by volume, with 96.63 million units exchanged in 493 trades, while Transcorp Power, which was listed last Monday, emerged as the most traded security in terms of value, totaling N5.93bn.