The Nigerian stock market kicked off the week with a strong performance as the market value of listed equities increased by N204 billion on Monday, 17th July 2023.
The week began with a modest rise of about 0.60% in the market, reaching N34,273 trillion.
This was a slight improvement from N34.069 trillion, the closing figure on Friday.
The All-Share Index (ASI) rose by 373.62 points to 62,943.35 points on Monday, marking a positive close for the market.
This was a 0.60% increase from the 62,569.73 points recorded at the end of the previous trading session on Friday.
Market Indices
Below are the market indices for today’s trading session:
NGX ASI: 62,943.35 points
% Day Change: -0.60%
% YTD: +22.08%
Market Cap: N34,273 trillion
Volume Traded: 710.02 million
Value: N13.83 billion
Deals: 8,979
How Stocks Performed
The first trading day of the week saw significant fluctuations in the stock market. FIDELITY was the biggest winner, with a 10% increase in its share price. VERITASKAP, however, suffered a 10% decrease and became the worst performer. STERLINGNG led the market activity, with the highest volume of shares traded at the close of the trading day.
The trading activity in the market was subdued today, with a decline in the executed transactions to 8,979 from 9,554 transactions in the previous session.
Top Gainers and Top Losers
The value of FIDELITY, UNILEVER and DAARCOMM shares increased by 10% each, leading the market’s positive trend.
On the other hand, VERITASKAP, SFSREIT and PZ suffered a 10% loss each in their share value, negatively affecting the overall market performance.
Top Traded Stocks
The total value of shares traded on Monday was N13.83 billion, which represents a 56.63% surge from the N8.83 billion recorded on Friday. The increase in the market’s transaction value by 5 billion was driven by the higher demand for shares.
The market recorded a higher trading volume of 710.02 million shares, up by 18.24% from the previous day’s volume of 600.49 million shares, which amounted to a rise of 109.53 million.
STERLINGNG, TRANSCORP and UNITYBK were the most active stocks in today’s market, accounting for the highest trading volumes of all equities. These stocks recorded 65.95 million, 62.20 million, and 59.67 million units traded, respectively.
ACCESSCORP was the most active stock on the market today, trading at a total volume of N828.77 million. TRANSCORP came in second with N225.59 million, while STERLINGNG took the third spot with N216.57 million.
SWOOTs Watch
The banking sector led the positive performance, with UBA, ZENITH BANK, and GTCO, posting gains of 8.95%, 4.46%, and 0.89% respectively.
Negative performance was recorded by DANGOTE CEMENT, which dropped by 1.49% in the latest trading session. This result indicates a bearish trend in the cement sector, which faces several challenges in the current market conditions.
The market performance of AIRTEL AFRICA, MTN NIGERIA, BUA CEMENT and BUA FOODS remained stable today, as they closed at the same prices as yesterday. This indicates that there was no significant change in their market positions or investor sentiments.
FUGAZ Update
The positive performance was driven by gains in the banking sector as FBNH, ACCESS HOLDINGS, UBA, ZENITH BANK, and GTCO increased by 9.81%, 9.7%, 8.95%, 4.46%, and 0.89% respectively.
The petroleum sector has also added value to the NGX, most especially Conoil and MRS.