All-Share Index Rises to 55,328.42 points as Market Cap Hits N30trn

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited appreciated by 0.69 per cent on Monday as the country awaits the winner of the 2023 presidential election conducted by the Independent National Electoral Commission (INEC).

This pushed the All-Share Index (ASI) higher by 379.21 points to 55,328.42 points from 54,949.21 points, as the market capitalisation grew by N206 billion to close at N30.140 trillion versus the preceding session’s N29.934 trillion.

The direction of the polls may have triggered a renewed buying interest in Nigerian stocks, with the sectors of the exchange closing in the green territory.

The consumer goods space grew by 2.39 per cent, the energy sector rose by 1.42 per cent, the insurance index expanded by 1.07 per cent, the banking counter increased by 0.48 per cent, and the industrial goods sector went up by 0.08 per cent.

Business Post reports that investor sentiment was very strong yesterday as the stock exchange closed with 28 price gainers and nine price losers, indicating a positive market breadth.

Stanbic IBTC appreciated by 10.00 per cent to N37.95, Oando gained 10.00 per cent to finish at N4.40, C & I Leasing improved by 10.00 per cent to N3.63, Conoil went up by 9.98 per cent to N46.85, and MRS Oil jumped by 9.66 per cent to N33.50.

Conversely, FTN Cocoa topped the losers’ table after it shed 6.90 per cent to close at 27 Kobo, UPDC went down by 4.00 per cent to 96 Kobo, Japaul decreased by 3.45 per cent to 28 Kobo, Transcorp dwindled by 3.08 per cent to N1.26, and Mutual Benefits shrank by 3.03 per cent to 32 Kobo.

During the session, investors transacted 149.8 million equities valued at N1.5 billion in 3,186 deals compared with the 119.1 million equities worth N2.5 billion traded in the previous session in 2,820 deals, indicating a decline in the trading value by 40.00 per cent, a jump in the trading volume by 25.78 per cent, and surge in the number of deals by 12.98 per cent.

At the close of business, Oando topped the activity chart after it traded 14.3 million shares, Transcorp exchanged 11.7 million equities, Fidelity Bank transacted 10.7 million stocks, Chams sold 10.3 million stocks, and UBA traded 9.1 million equities.