Nigerian Stocks Open Week Bullish With 0.10% Rise

By Dipo Olowookere

It was a positive start to the week for Nigerian stocks on Monday, as the Nigerian Exchange (NGX) Limited closed 0.10 per cent higher.

Investors were upbeat as the much-awaited initial public offering (IPO) of Dangote Refinery commenced yesterday, with a few digital apps for the subscription crashing due to high demand for the shares, triggered by fear of missing out (FOMO).

Business Post observed that despite the gains recorded by the bourse, the market breadth index was negative, as there were 20 price gainers and 28 price losers, indicating weak sentiment.

Royal Exchange and NGX Group gained 10.00 per cent each to sell for 99 Kobo and N162.80, respectively. RT Briscoe improved by 9.88 per cent to N8.90, Secure Electronic Technology expanded by 7.69 per cent to 70 Kobo, and Prestige Assurance rose by 7.19 per cent to N1.49.

On the flip side, John Holt lost 10.00 per cent to settle at N8.10, Ellah Lakes declined by 9.80 per cent to N9.20, DAAR Communications also slipped by 9.80 per cent to N1.38, Regency Alliance dropped 8.97 per cent to finish at 71 Kobo, and Learn Africa tumbled by 8.67 per cent to N7.90.

Yesterday, market participants transacted 429.0 million shares valued at N20.5 billion in 54,592 deals versus the 552.9 million shares worth N25.8 billion executed in 45,678 deals last Friday.

This implied that the number of deals increased by 19.52 per cent, the trading volume went down by 22.41 per cent, and the trading value decreased by 20.54 per cent.

Sterling Holdings led the activity chart for the day, with a turnover of 78.1 million units worth N588.9 million. Mutual Benefits transacted 42.1 million units valued at N118.1 million, Chams traded 28.5 million units for N98.4 million, Fidelity Bank sold 25.8 million units worth N497.8 million, and Access Holdings exchanged 21.6 million units valued at N613.8 million.

Data from the exchange indicated that only the banking index closed green after it chalked up 0.68 per cent. The insurance space lost 0.53 per cent, the consumer goods counter shed 0.23 per cent, and the energy segment depreciated by 0.05 per cent, while the industrial goods sector closed flat.

When the closing gong was struck to end trading activities on Customs Street, the All-Share Index (ASI) was up by 246.50 points to 243,299.24 points from 243,052.74 points, and the market capitalisation soared by N160 billion to N157.747 trillion from N157.587 trillion.