Selective Buying Boosts NGX by N3.45bn as NPF Microfinance and Morison Lead Market Gainers

Selective buying in a few key stocks helped lift the Nigerian Exchange Limited (NGX) slightly on Monday, despite subdued trading activity. Market capitalisation rose by N3.45 billion to close at N105.96 trillion, giving investors a modest start to the week. According to the NGX daily market report, the All-Share Index inched up by 5.38 points, or 0.003 per cent, to settle at 165,517.56 from 165,512.18 on Friday, bringing the year-to-date return to 6.36 per cent.

Trading volume, however, reflected caution among investors, with a total of 601.64 million shares valued at N17.30 billion exchanged across 58,419 deals. While this marked an 18 per cent drop in volume and a 9 per cent decline in turnover compared with the previous session, the number of deals rose by 33 per cent, showing that market participation remained steady even if transactions were smaller in value.

Market breadth ended slightly negative, with 36 equities declining against 35 gainers. NPF Microfinance Bank emerged as the top gainer, climbing 10 per cent to N5.61 per share. Morison Industries followed with a 9.97 per cent increase to N8.27, while Union Homes Real Estate Investment Trust rose 9.95 per cent to N78.45. Other notable gainers included Deep Capital Management, Zichis Agro-Allied Industries, and SCOA Nigeria, all posting double-digit percentage growth for the session.

On the other hand, May & Baker Nigeria led the losers, dropping 10 per cent to N39.15 per share. Neimeth International Pharmaceuticals and Associated Bus Company also saw sharp declines, shedding 9.81 per cent and 9.33 per cent, respectively. The market’s mixed performance highlights the cautious approach of investors following last week’s profit-taking, which saw NGX lose N394 billion in market capitalisation.

In terms of trading activity, Chams recorded the highest volume with 41.6 million shares exchanged, followed by Access Holdings, Guaranty Trust Holding Company, and Zenith Bank. Meanwhile, global commodities saw Brent Crude at $60.28 per barrel, WTI Crude at $57.68, and Gold priced at $4,426.65 per ounce, while the U.S. Dollar Index closed at 97.59 points, reflecting ongoing global market trends that continue to influence Nigerian equities.

source: punch