NGX market closes in Green as Conoil, NGXGroup lead gainers

The Nigerian equities market began the trading week on a positive note, with the All-Share Index (ASI) gaining 161 points to close at 196,968.15.

This upward movement pushed the market capitalization to approximately N126.59 trillion, reflecting continued investor confidence despite broader macroeconomic pressures.

Monday's session saw a notable improvement in market activity, with trading volume rising by 30% and the number of deals increasing by 38% compared to the previous Friday.

A total of 762.5 million shares were exchanged across 86,475 deals, resulting in a total turnover value of N31.2 billion.

The market breath remained slightly tipped toward the bears, as 43 equities recorded price depreciations against 26 gainers.

However, the gains in large-cap stocks were sufficient to keep the overall index in positive territory, maintaining a year-to-date return of approximately 26.6%.

In terms of individual stock performance, Conoil led the gainers' chart with a 10% price appreciation, closing at N185.90 per share.

Other top performers included Legend Internet and Omatek Ventures, both of which gained 10%, followed closely by Nigerian Exchange Group (NGXGROUP), which surged by 9.97% to end the day at N166.00. Aradel Holdings also contributed to the positive momentum, gaining N39.60 to close at N1,340.00.

On the flip side, Aluminium Extrusion Industries (ALEX) emerged as the biggest loser of the day, shedding 10% to close at N13.95. Other significant decliners included SCOA Nigeria, which fell by 9.9%, and RT Briscoe, which saw a 9.87% drop in its share price.

Major financial institutions saw mixed results; while Access Holdings experienced a slight dip of 3.66% to close at N25.00, Zenith Bank edged up marginally by 0.05% to settle at N93.00.

Sectoral indices showed varied performance, with the NGX Top 30 Index and the Lotus Islamic Index inching upward by 0.09% and 0.54%, respectively.

The session’s activity underscores a resilient market environment where oil and gas stocks continue to drive value, even as investors navigate a landscape marked by high interest rates and fluctuating liquidity.