The Nigerian equities market closed on a positive note on Monday, with key indices posting moderate gains. The Central Bank of Nigeria's decision to maintain its Monetary Policy Rate at 26.50% appears to have had a limited impact on market sentiment. Instead, investors' appetite for equities drove the NGX All-Share Index up by 352.24 points or 0.14% to 250,156.80 points. This represents a significant rebound from the previous session's close of 249,804.56 points.
The gains in the equities market resulted in a N228.25 billion increase in total equity market capitalization, which settled at N162.39 trillion. This uptick reflects improved investor confidence and increased trading activity. During the session, the NGX All-Share Index reached an intraday high of 250,156.80 points and a low of 244,304.51 points, with an average index point of 247,074.61. Market participants executed 68,506 deals, exchanging 574.12 million shares across various equities boards.
Sectoral performance was broadly positive, with key market segments registering gains. The NGX Premium Index advanced by 0.29% to 31,714.33 points, while the NGX 30 Index gained 0.12% to 9,207.58 points. Specifically, the NGX Banking Index rose 0.68% to 2,658.95 points, the NGX Insurance Index increased by 0.33% to 1,102.93 points, and the NGX Industrial Index added 0.47% to close at 10,354.72 points. The NGX Consumer Goods Index also edged up by 0.32% to 4,082.39 points.
However, not all sectors performed well, as the NGX Oil/Gas Index declined by 0.40% to 6,008.86 points, and the NGX Lotus Islamic Index slipped by 0.44% to 23,532.30 points. In terms of price movement, 39 equities advanced, while 26 declined. SUNU Assurances Nigeria Plc, NASCON Allied Industries Plc, Omatek Ventures Plc, and Thomas Wyatt Nigeria Plc were among the top gainers, each rising by 10.00% to close at N3.08, N176.00, N1.32, and N2.53, respectively.
Other notable gainers included Neimeth International Pharmaceuticals Plc, which gained 8.96% to N7.30, and Transnational Corporation Plc, which advanced by 6.78% to N37.00. Conversely, The Okomu Oil Palm Company Plc led the decliners, dropping by 10.00% to close at N1,276.20. Custodian Investment Plc and Sovereign Trust Insurance Plc also suffered significant losses, depreciating by 9.13% to N68.15 and 8.64% to N2.01, respectively.
Trading volume in the equities segment was driven primarily by the Financial Services sector. Mutual Benefits Assurance Plc was a major contributor, with 53.58 million shares traded. Sterling Financial Holdings Company Plc and Guaranty Trust Holding Company Plc also saw significant activity, with 44.23 million and 25.85 million shares exchanged, respectively. In the Exchange Traded Funds segment, Stanbic IBTC ETF 30 and The SIAMLETP Pension ETF 40 led the gainers, appreciating by 10.00% to close at N1,397.55 and N3,194.40, respectively.
In the fixed-income segment, debt securities recorded 8 deals totaling 70,098 units, with trades in Federal Government and corporate bond instruments. The positive performance of the equities market reflects growing investor confidence, driven by improved economic indicators and corporate earnings. As the market continues to evolve, investors are likely to focus on sectors with strong growth potential. Key sectors to watch include banking, insurance, and consumer goods, which have shown resilience in the face of economic challenges.
Key points
- The NGX All-Share Index rose by 0.14% to 250,156.80 points.
- Total equity market capitalization increased by N228.25 billion to N162.39 trillion.
- 39 equities advanced, while 26 declined, with SUNU Assurances Nigeria Plc and NASCON Allied Industries Plc among the top gainers.
