NGX bounces back with N1.52tn surge driven by strong performance of banking sector stocks

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The Nigerian equities market rebounded strongly at the start of the week after several consecutive sessions of losses, gaining N1.518 trillion as renewed buying interest lifted investor sentiment across the bourse.

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The NGX trading data on Monday shows the All-Share Index gained 2,277.92 points, representing a 0.97 per cent increase to close at 238,219.19 points, while market capitalisation rose by N1.518 trillion to close at N152.845 trillion.

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The upturn was driven by price appreciation in large and medium-capitalised stocks, including MTN Nigeria Communications, Guaranty Trust Holding Company, Zenith Bank, FBN Holdings, and Lafarge Africa.

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Despite the market gain, market breadth was broadly negative as 35 decliners outpaced 17 advancers.

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FBN Holdings and GTCO emerged as the highest price gainers, rising by 10 per cent each to close at N60.50 and N127.10, respectively, while International Energy Insurance followed with a 9.88 per cent gain to close at N5.56 per share.

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McNichols rose by 9.56 per cent to close at N7.45, while Zenith Bank appreciated by 7.09 per cent to close at N117.80 per share.

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Conversely, FTN Cocoa Processors led the losers’ chart with a 10 per cent drop to close at N23.40 per share, followed by Consolidated Hallmark Insurance, which declined by 9.94 per cent to close at N6.43, and Eterna, which shed 9.90 per cent to close at N27.75 per share.

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DEAP Capital Management & Trust shed 9.82 per cent to close at N4.41, while Austin Laz & Company lost 9.74 per cent to close at N3.52 per share.

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The total traded volume rose by 11.07 per cent to 489.096 million units, valued at N36.493 billion and exchanged in 63,567 deals.

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Transactions in the shares of Fidelity Bank led the activity chart with 48.735 million shares worth N894.216 million.

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United Bank for Africa followed with 42.282 million shares valued at N1.691 billion, while Access Holdings traded 39.252 million shares valued at N886.126 million.

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Zenith Bank traded 30.042 million shares worth N3.455 billion, while MTN Nigeria traded 20.825 million shares worth N16.598 billion.

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