Banking, insurance shares lift stock market by N2 trillion
The Nigerian stock market gained N1.756 trillion on Monday, driven by sustained buying in banking, insurance and industrial stocks.
The rally was driven by strong demand for Custodian Investment, NEM Insurance and BUA Cement, alongside other equities.
Market capitalisation rose by 1.12 per cent to close at N158.812 trillion, compared with N157.056 trillion at the close of trading on Friday.
Similarly, the Nigerian Exchange Ltd. (NGX) All-Share Index advanced by 1.12 per cent to close at 246,183.96, up from 243,462.13.
The market’s year-to-date return improved to 58.20 per cent, while market breadth closed positive with 32 gainers and 31 losers.
Custodian Investment and NEM Insurance topped the gainers’ chart, appreciating by 10 per cent each to close at N75.90 and N30.80 per share, respectively.
BUA Cement gained 9.98 per cent to close at N303.10, First HoldCo rose by 9.95 per cent to N105.50 and FTN Cocoa Processors advanced by 9.94 per cent to close at N9.29 per share.
On the losers’ chart, Sunu Assurances declined by 10 per cent to N3.60 per share. Triple Gee shed 9.77 per cent to close at N3.51, while ABC Transport fell by 9.62 per cent to N7.05 per share.
Abbey Mortgage Bank lost nine per cent to close at N9.10, and WAPIC dipped by 7.69 per cent to N2.40 per share.
Trading activity improved as investors exchanged 851.63 million shares worth N49.59 billion in 56,873 deals. First HoldCo emerged as the most actively traded stock by both volume and value, accounting for 203.94 million shares valued at N21.52 billion.
The transactions accounted for 23.95 per cent of the total volume traded and 43.38 per cent of the day’s market value.
Meanwhile, the vice-president of Highcap Securities, David Adonri, attributed the market’s positive performance to continued recovery from the June correction and growing investor optimism ahead of second-quarter corporate earnings.
According to Mr Adonri, the market is gradually rebounding as more listed companies release their half-year financial results, with some earnings exceeding investors’ expectations.
He said the impressive half-year earnings posted by First HoldCo had triggered strong demand for the company’s shares, contributing significantly to the market’s upward momentum.
Mr Adonri added that other fundamentally strong large-cap stocks were also recovering losses recorded during the June market correction, further supporting the bullish trend in the equities market.
(NAN)
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