Equities Market Extends Rally, Gains N146bn As Bulls Dominate Oil, Industrial Stocks

The Nigerian equities market sustained its upward trend on Monday, with investors recording gains of about N146 billion as several stocks rose, particularly in the oil and gas and industrial sectors.

Data from the Nigerian Exchange Limited (NGX) showed that market capitalisation rose from N126.44 trillion on Friday to N126.58 trillion, representing an increase of N146 billion.

In the same vein, the All-Share Index (ASI) advanced by 227.83 points to close at 197,196.98, compared with 196,968.15 recorded in the previous trading session.

The market witnessed strong buying interest across several equities, pushing the benchmark index to an intraday high of 197,196.98, while the low of the session stood at 196,463.22.

On the gainers’ chart, Conoil Plc topped the list with a 10 per cent increase to close at N185.90, up from N169.00 recorded previously.

It was followed by Omatek Ventures Plc, which also gained 10 per cent to settle at N2.42, while Legend Internet Plc appreciated by 10 per cent to close at N7.04.

Shares of Nigerian Exchange Group rose by 9.97 per cent to close at N166.00, while Oando Plc advanced by 9.96 per cent to settle at N54.65.

Other notable gainers included Premium Paints Plc, Eterna Plc, International Breweries Plc, Fidson Healthcare Plc, and CWG Plc.

On the losers’ table, Alex Plc recorded the highest decline, dropping 10 per cent to close at N13.95 from N15.50.

ScoA Nigeria Plc followed with a 9.90 per cent decline to N30.95, while RT Briscoe Plc shed 9.87 per cent to settle at N10.87.

Other decliners included Sunu Assurances Nigeria Plc, Union Dicon Salt Plc, Guinea Insurance Plc, and Daar Communications Plc

Across sectoral indices, the NGX Consumer Goods Index increased to 4,392.02 from 4,366.52, while the NGX Oil and Gas Index rose to 4,535.59 from 4,443.66.

The NGX Industrial Index remained unchanged at 7,599.07, while the NGX Growth Index edged higher to 29,105.56 from 29,087.37.

However, the NGX Banking Index declined to 1,877.89 from 1,896.70, reflecting mild profit-taking in banking stocks.