NGX rebounds with N1.52tn gain as banking stocks rally

The Nigerian equities market staged a significant rebound at the beginning of the week, recovering from previous losses with a substantial gain of N1.518 trillion. This upturn was fueled by renewed buying interest, which boosted investor sentiment across the stock exchange.

On Monday, the All-Share Index saw an increase of 2,277.92 points, marking a 0.97% rise to close at 238,219.19 points. Consequently, the market capitalization surged by N1.518 trillion, reaching N152.845 trillion. The rally was primarily led by price appreciation in prominent large and medium-capitalized stocks, including major players like MTN Nigeria Communications, Guaranty Trust Holding Company, Zenith Bank, FBN Holdings, and Lafarge Africa.

Despite the positive overall market performance, the market breadth presented a mixed picture, with 35 decliners outpacing 17 advancers. FBN Holdings and GTCO emerged as the top gainers, each appreciating by 10% to close at N60.50 and N127.10, respectively. International Energy Insurance followed with a 9.88% gain, closing at N5.56 per share. McNichols and Zenith Bank also recorded significant gains of 9.56% and 7.09%, respectively.

Conversely, FTN Cocoa Processors experienced the largest drop, declining by 10% to close at N23.40 per share. Consolidated Hallmark Insurance and Eterna also saw notable decreases of 9.94% and 9.90%, respectively. DEAP Capital Management & Trust and Austin Laz & Company completed the list of top losers. Trading volume increased by 11.07% to 489.096 million units, valued at N36.493 billion, with Fidelity Bank, United Bank for Africa, Access Holdings, Zenith Bank, and MTN Nigeria being the most actively traded stocks.