NGX investors gain N1.1trn in three days as stocks rally despite Dangote IPO effect
The Nigerian Exchange (NGX) recorded a N1.1 trillion increase in market capitalisation over three trading sessions, as gains in several large and mid-cap stocks helped the equities market maintain its upward momentum despite activity surrounding the Dangote Petroleum Refinery IPO.
The market capitalisation of listed equities rose from N157.578 trillion last Friday to N158.714 trillion, representing a gain of N1.127 trillion. Similarly, the NGX All-Share Index gained 1,739.05 points, or 0.7 per cent, moving from 243,052.74 points to 244,791.79 points. The latest session was supported by gains in stocks including NGX Group, MTN Nigeria, Nigerian Breweries, Transcorp, UPDC REIT, Champion Breweries, Livestock Feeds and United Bank for Africa.
Market breadth remained positive, with 34 stocks recording price gains compared with 26 decliners. Sovereign Trust Insurance led the gainers, rising 9.69 per cent to N2.15, followed by Champion Breweries, which gained 9.5 per cent to N10.95. Livestock Feeds advanced 9.42 per cent to N7.55, while Learn Africa rose 9.09 per cent to N8.40. Mutual Benefits Assurance, UPDC REIT, McNichols Consolidated, VFD Group and Nigerian Breweries also recorded notable gains.
On the losing side, Industrial and Medical Gases recorded the biggest decline, falling 9.93 per cent to N27.65. John Holt dropped 9.88 per cent to N7.30, while Livingtrust Mortgage Bank declined 9.84 per cent to N2.84. Fidson Healthcare shed 9.19 per cent to N72.65, while Royal Exchange and International Energy Insurance fell by 9 per cent and 7.02 per cent respectively.
Across sectors, the NGX Consumer Goods Index rose 0.81 per cent to 4,114.30 points, while the Banking Index increased to 2,553.08 points amid buying interest in selected banking stocks. The Insurance Index also advanced to 1,068.05 points, while the Industrial Index was virtually unchanged. In contrast, the Oil and Gas Index slipped marginally to 6,033.07 points, while the NGX Growth Index declined to 26,533.97 points, highlighting the mixed performance across market segments.
source: The Guardian