Investors pocket N3.17trn, as Nigerian stocks stage strong rally

Equities investors gained about N3.17 trillion on Monday as Nigerian stocks rallied after last week’s sell-offs. 

The local bourse opened the new week strongly, with key market performance indicators rising 2.15%.Nigeria Trade Data

The bullish performance was driven by fresh bargain hunting in mid-cap and blue-chip stocks across all key sectors, signalling a gradual return of positive trading sentiment.

Up by 4.89% and 4.22%, respectively, the Industrial Goods and Oil & Gas sectors contributed the most to the performance.  ARADEL, DANGCEM, GTCO, WAPCO, MTNN, and others recorded notable price appreciation.

The Nigerian Exchange (NGX) All-Index added 4,937.89 basis points, closing at 234,178.23. Also, market capitalisation increased by ₦3,168.62 billion to ₦150.27 trillion.Market Analysis Report

Additionally, market activity was up today, with total volume and total value traded increasing by 18.40% and 40.18%, respectively.  In a note, Atlass Portfolio Limited told investors that approximately 538.64 million units valued at ₦38,701.49 million were transacted across 64,065 deals.

ZENITHBANK accounted for 16.62% of the trading volume, followed by GTCO (7.89%), FIDELITYBK (6.65%), ACCESSCORP (5.76%), and JAIZBANK (3.09%).  Also, ZENITHBANK accounted for 25.25% of the total trade value, making it the most actively traded on the exchange.

FIRSTHOLDCO and WEMABANK led the gainers chart, up 10.00% each, trailed by ARADEL (+9.99%), NGXGROUP (+9.96%), VERITASKAP (+9.92%), TIP (+9.86%), RTBRISCOE (+9.85%), and 47 others. A total of twelve stocks depreciated, according to trading data from the local bourse.

With a price depreciation of -10.00% each, NAHCO and VITAFOAM topped the worst performers’ chart, followed by CAP (-9.99%), FTGINSURE (-9.94%), THOMASWY (-9.45%), MAYBAKER (-5.25%), and CHAMS (-3.06%).

Hence, market breadth closed on a positive note, with 54 gainers and 12 losers. Sectoral performance was positive today, with all five major market sectors rising.

The Industrial Goods sector led with +4.89%, followed by the Oil & Gas sector (+4.22%), the Banking sector (+3.05%), the Insurance sector (+2.70%), and the Consumer Goods sector (+0.57%). Wall Street Surges on AI, Technology Stocks Momentum.