Nigerian Equities Market Opens Week Mixed, NGX ASI Dips by 0.04% While Market Capitalisation Surges by N477 Billion
Thank you for reading this post, don't forget to subscribe!The Nigerian equities market started the week on a mixed note on Monday, with the Nigerian Exchange Ltd. (NGX) All-Share Index (ASI) declining by 0.04%. The NGX ASI dropped by 41.70 basis points to close at 105,891.33 basis points.
However, despite the slight dip in the index, market capitalisation saw an uptick of 0.73%, rising by N477 billion to close at N66.069 trillion.
Losses in Large-Cap Stocks Drive Market Downturn
The overall market downturn was mainly driven by losses in medium and large capitalised stocks such as Julius Berger Nigeria, Zenith Bank, United Bank for Africa (UBA), Fidelity Bank, and Guaranty Trust Holding Company (GTCO).
Despite the decline in the ASI, the market breadth was positive, with 44 stocks advancing compared to 25 decliners.
Top Gainers and Losers
Beta Glass, Smart Products Nigeria, and Stanbic IBTC Holdings led the gainers with a 10% increase each, closing at N95.15, 22k, and N68.20 per share, respectively. Other notable gainers included Honeywell Flour Mills (+9.98%) at N10.47, and Eterna and Northern Nigeria Flour Mills (NNFM), both gaining 9.96%, closing at N40.30 and N80.60 per share, respectively.
On the downside, International Energy Insurance posted the highest loss, falling by 10% to close at N2.25 per share. R.T. Briscoe Nigeria followed with a decline of 9.63%, closing at N2.44, while Julius Berger dropped by 8.44%, closing at N128 per share. Other notable decliners included Deap Capital Management and Trust (-8.26%) at N1, and DAAR Communications (-7.41%) at 75k per share.
Trading Activity
Total trading volume rose by 21.15%, reaching 567.289 million units, valued at N10.414 billion across 17,843 deals. Secure Electronic Technology led trading activity with 84.073 million shares, valued at N55.194 million. Other highly traded stocks included Fidelity Bank with 67.831 million shares worth N1.361 billion, and Access Holdings with 40.206 million shares valued at N1.140 billion. UPDC and AIICO Insurance also saw significant trading volumes, with 36.649 million shares and 27.233 million shares, respectively.
