Value of Nigerian Stocks Surpasses N91trn After 1.99% Rise

By Dipo Olowookere

It was another positive start to the week on the Nigerian Exchange (NGX) Limited on Monday after it further appreciated by 1.99 per cent at the close of business.

The growth was driven by persistent buying pressure across the key sectors of Customs Street, though the commodity and energy industries experienced profit-taking, leaving their respective indices down by 1.99 per cent and 1.12 per cent.

However, the industrial goods space improved by 5.72 per cent, the consumer goods counter closed higher by 4.93 per cent, the insurance index appreciated by 3.44 per cent, and the banking sector chalked up 0.08 per cent.

Consequently, the All-Share Index (ASI) gained 2,808.23 points to close at 144,071.78 points compared with last Friday’s 141,263.05 points and the market capitalisation, which measures the total value of stocks on the platform, went up by N1.777 trillion to N91.150 trillion from the N89.373 trillion it ended in the preceding trading session.

The trio of UPDC, Royal Exchange, and Lasaco Assurance chalked up 10.00 per cent each yesterday to trade at N5.94, N1.65, and N2.86 apiece, as UAC Nigeria increased its value by 9.97 per cent to N97.10, and Sovereign Trust Insurance rose by 9.94 per cent to N1.88.

On the flip side, Transcorp Power lost 10.00 per cent to quote at N288.00, Academy Press also declined by 10.00 per cent to N9.90, John Holt shed 9.59 per cent to end at N6.60, TotalEnergies gave up 9.22 per cent to finish at N640.00, and Ecobank depreciated by 9.21 per cent to N34.00.

During the trading day, FCMB remained as the busiest stock after it transacted 85.0 million units for N979.4 million, Universal Insurance traded 82.5 million units worth N61.7 million, Fidelity Bank sold 45.4 million units valued at N955.6 million, AIICO Insurance exchanged 40.2 million units worth N94.3 million, and Veritas Kapital traded 39.8 million units for N60.3 million.

In all, investors exchanged 811.1 million units worth N19.5 billion in 35,963 deals on the first trading session of the week compared with the 1.1 billion units valued at N26.9 billion in traded in 34,488 deals on the last trading day of last week, indicating a rise in the number of deals by 4.28 per cent, and a drop in the trading volume and value by 26.26 per cent and 27.51 per cent, respectively.