Renewed buying interest lifts market cap by N2.32trn – Daily Trust

The Nigerian inventory market on Monday recovered from losses recorded in earlier classes as renewed buying interest in main and chosen equities lifted the benchmark index.

The NGX All-Share Index (ASI) superior by 1.44% to shut at 252,456.74 factors, up from 248,877.22 factors on Friday.

The improve added roughly N2.32trn to the market capitalisation, whereas the market’s year-to-date (YTD) return strengthened to 62.23%.

The renewed buying interest was concentrated in giant and mid-cap shares resembling DANGCEM (+9.61%), OANDO (+8.46%), FIDELITYBK (+6.85%), TRANSPOWER (+5.65%), ACCESSCORP (+2.23%), ETERNA (+0.83%), NEM (+0.53%), and ZENITHBANK (+0.09%).

Despite the benchmark’s robust restoration, market breadth remained destructive, with 20 equities advancing towards 28 decliners, indicating that the good points had been concentrated in chosen shares quite than reflecting a broad-based market rally.

Sectoral efficiency was largely optimistic, with the Industrial Goods Index main the advance, gaining 5.68 per cent.

Insurance shares adopted with a 1.28 per cent improve, whereas the Commodities, Banking and Oil and Gas indices appreciated by 0.42 per cent, 0.25 per cent and 0.22 per cent, respectively.

The Consumer Goods sector was the one laggard, shedding 0.03 per cent.

The industrial sector’s robust efficiency supplied important help for the broader market, reinforcing the affect of heavyweight shares on the path of the benchmark index.

Trading exercise additionally improved significantly, pointing to stronger investor participation.

Total turnover elevated by 13.71 per cent to N30.55 billion, whereas traded quantity rose by 20.03 per cent to 453.41 million shares.

The variety of transactions superior by 31.30 per cent to 42,891 offers, indicating elevated market exercise as traders repositioned their portfolios firstly of the week.