Emmanuel OchayiIn a day marked by relatively subdued market activity, the Nigerian Exchange Group (NGX) All-Share Index displayed resilience, edging up by 0.16% to close at 71,669.91 points.
This gain, although modest, underscored the market’s ability to maintain a positive trajectory despite a decrease in trading volume.
Join our WhatsApp ChannelEquities experienced a notable upswing, contributing to a collective increase of N70 billion in market capitalization, culminating in a closure at N39.219 trillion, up from the previous N39.149 trillion recorded on the preceding Friday.
Major players in the market, particularly the SWOOTs (Stocks Worth Over One Trillion), played a pivotal role in driving the market’s upward momentum. Notably, significant price gains were registered among these influential stocks, such as MTNN, ZENITHBANK, GTCO, and BUACEMENT, further bolstering the overall market performance.
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However, despite the positive strides, trading volume witnessed a decline, settling at 375.32 million units compared to the previous session’s 503.84 million units.
Similarly, market turnover experienced a significant drop of 46.6%, posting a trading value of N3.85 billion, down from the preceding Friday’s N7.21 billion.
The top gainers for the day included SFSREIT (+9.98%), ETI (+9.88%), DEAPCAP (+9.84%), SCOA (+9.63%), and INFINITY (+9.60%), contributing substantially to the day’s positive momentum. Conversely, GUINEAINS (-10.00%), RTBRISCOE (-9.68%), NSLTECH (-9.33%), NEM (-9.32%), and NNFM (-8.44%) found themselves among the top losers.
Moreover, within the trading spectrum, VERITASKAP, UNIVINSURE, ACCESSCORP, FIDELITYBK, and UBA emerged as the top traded stocks by volume, while ACCESSCORP, ZENITHBANK, GTCO, UBA, and MTNN led in terms of trading value.
The day’s performance showcased a mixed outcome for tier-1 banks, with FBNH and ACCESSCORP experiencing price declines, while UBA, ZENITHBANK, and GTCO registered price gains. This variation in banking sector stocks contributed to the diverse nature of the market’s movement.
Overall, the market’s ability to appreciate, albeit marginally, amidst reduced trading activity underlines the underlying strength and resilience of key stocks, pointing to cautious yet optimistic sentiments among investors in the Nigerian equities market.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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