The Nigerian exchange is now on a consecutive two-day winning streak as it starts the new week bullish, attributable to gains majorly from CONOIL, FBNH and MTNN. The two-day winning streak is on the back of a four-day losing streak that saw the NGX close the previous week falling from a recorded high as it declined by 2.18%. The gains seen in the market saw the NGX add approximately N96 billion in market capitalization, pushing the market upward as investors’ confidence returns to the fold.
The All-share Index (ASI) gained 0.34% from 52,908.24 basis points to close at 53,086.46 basis point. In the same vein, the Market Capitalization also gained 0.34% to close at N28.62 trillion. Year-to-Date (YtD), the NGX is still one of the top-performing markets in the world as is has gained 24.28% so far.
Market breadth closed positive as CONOIL led 19 gainers, and 13 losers topped by JAPAULGOLD at the end of today’s session. On a sectoral level, 3 of the 5 major indices of the Nigerian Exchange closed negative. NGX Banking, Consumer Goods and Insurance Indices lost 0.42%, 0.12% and 0.44%. The NGX Industrial and Oil and Gas sector closed positive by 0.05% and 0.68% respectively.
NGX Top ASI gainers
- CONOIL up +9.97% to close at N32.00
- PHARMDEKO up +9.38% to close at N1.75
- LEARNAFRCA up +8.72% to close at N2.37
- FTNCOCOA up +5.88% to close at N0.36
- CHAMS up +4.17% to close at N0.25
NGX Top ASI losers
- JAPAULGOLD down – 6.25% to close at N0.30
- ABCTRANS down – 6.06% to close at N0.31
- UNILEVER down – 3.01% to close at N14.50
- AIICO down – 2.94% to close at N0.66
- JAIZBANK down – 2.22% to close at N0.88
Top 3 by Volume
- FBNH – 610,413,970
- FLOURMILL – 22,965,937
- WAPIC – 21,604,433
Top 3 by Value
- FBNH – N6,775,815,728.15
- FLOURMILL – N803,914,995.25
- ZENITHBANK – N208,878,867.65
It looks like investor confidence is slowly returning back to the market after last week’s bearish price action. Investors should still consider the macro factors, which include high inflationary environment, increase in interest rate by the CBN and the ongoing Russian Ukraine crisis which is weighing on the price of oil.
