NGX: Investors gain N1.78trn in bullish start

The Nigerian stock market began the week on a bullish note on Monday, as investors gained N1.78 trillion in a single-day rally.

The positive trend followed sustained buying interest in Lasaco Assurance, Royal Exchange, UPDC, UAC of Nigeria, and 43 other stocks.

Market capitalisation rose by N1.78 trillion, or 1.99 per cent, closing at N91.15 trillion, compared to N89.372 trillion recorded last Friday.

Similarly, the All-Share Index (ASI) advanced by 2,808.73 points, or 1.99 per cent, settling at 144,071.78 from 141,263.05.

The market breadth was positive, with 47 gainers and 23 losers recorded at the close of trading.

Lasaco Assurance topped the gainers’ chart, rising by 10 per cent to close at N2.86 per share.

Royal Exchange also gained 10 per cent, ending the day at N1.65 per share. UPDC appreciated by 10 per cent, closing the session at N5.94 per share.

UAC of Nigeria climbed 9.97 per cent, finishing at N97.10 per share. Sovereign Trust Insurance also rose by 9.94 per cent, closing at N1.88 per share.

On the losers’ table, Academy Press declined by 10 per cent to end at N9.90 per share.

Transcorp Power also lost 10 per cent, settling at N288 per share at the close of trade.

John Holt fell by 9.59 per cent, ending the day at N6.60 per share. Total Nigeria shed 9.22 per cent to close at N6.40 per share.

Ecobank Transnational Incorporated declined 9.21 per cent, ending the session at N34 per share.

Total volume traded was 811.09 million shares valued at N19.47 billion in 35,963 transactions.

This was lower than Friday’s 1.08 billion shares worth N26.85 billion exchanged in 34,488 deals.

First City Monument Bank led trading activity with 84.95 million shares worth N979.42 million.

Universal Insurance followed with 82.51 million shares valued at N61.68 million.

Fidelity Bank transacted 45.43 million shares, worth N955.6 million on the trading floor.

AIICO Insurance sold 40.15 million shares valued at N94.3 million during the session.

Veritas Kapital Assurance recorded 39.77 million shares traded, valued at N60.26 million.

Reacting, Mr Aruna Kebira, Managing Director of Globalview Capital Ltd., said the performance shows market maturity.

He attributed the gains to informed investors, long-term pension fund investments, stable exchange rate and declining inflation.

He added that Nigeria meeting OPEC quota, rising reserves, and strong Q2 earnings contributed to market growth.

“The steady rise of the ASI and market cap reflects strong buying interest in equities.

“Penny stocks usually lead market moves but also drive retreats, especially as many lack strong fundamentals.

“Many declined last week due to month-end exits and weekend uncertainty among short-term traders.

“Since no negative news emerged over the weekend, exited positions were re-entered, sparking the bullish momentum,” Kebira said.