Nigerian stocks kicked off the trading week with a strong show of strength on Monday, as investors saw their portfolios grow by a combined ₦804 billion.
The total market value on the Nigerian Exchange Limited (NGX) climbed from an opening figure of ₦125.164 trillion to finish the day at ₦125.968 trillion. This 0.64 percent jump effectively added ₦804 billion to the market’s total worth by the closing bell.
Similarly, the All-Share Index picked up 1,273.79 points, a 0.64 percent rise that pushed the benchmark to 196,263.56, up from Friday’s finish of 194,989.77. This rally further bolstered the market’s impressive year-to-date performance, which now stands at 26.12 percent.
Investor sentiment appeared evenly split by the end of the session, with the market breadth ending neutral as 35 equities rose while 35 others declined.
Okomu Oil and Fortis Global Insurance stood at the forefront of the rally, both hitting the 10 percent maximum daily gain to close at ₦1,605.60 and 66k, respectively. Other notable performers included FG20203356, Fidson, and NPF Microfinance Bank, all of which finished in positive territory.
On the flip side, The Initiates found themselves at the bottom of the performance list, shedding 10 percent to end the day at ₦17.55. Joining them in the red were Deap Capital Management, Multiverse Mining, Livingtrust Mortgage Bank, and Ellah Lakes.
Market participation saw a major boost during the session, with investors moving 1.3 billion shares worth ₦31.5 billion across 95,091 separate trades.
These figures represent a sharp uptick from Friday’s activity, where 820.5 million shares changed hands for ₦28.3 billion in 63,507 deals. This translates to a 57 percent surge in trading volume, an 11 percent increase in total value, and a 50 percent jump in the number of transactions.
Japaul Gold emerged as the most heavily traded stock by volume, with 473.98 million shares crossing the floor, making up 36.78 percent of the day’s total activity.
In terms of financial turnover, Aradel took the top spot, recording ₦4.14 billion in trades, which accounted for 13.14 percent of the market’s total value for the day.
Amidst this activity, the NGX took the opportunity to caution the public regarding erratic and unexpected price swings seen in several listed stocks lately.
In a formal alert published on Monday, the Exchange noted that it has spotted high levels of price swings that don’t seem to match the actual business health or performance of the firms involved.
“Investors are encouraged to base their decisions on careful analysis of companies’ fundamentals, risk profile, and financial performance,” the notice stated.
NGX added, “We remain vigilant in our surveillance to safeguard market integrity and protect investors.”