Conoil, Aradel, Oando Drive NGX Rally, Investors Gain N147bn
Shares of oil companies, including Conoil, Aradel Holdings and Oando Plc, drove momentum in the Nigerian stock market, with investors posting a gain of about N147 billion.
The Nigerian Exchange (NGX) opened the week on a positive note, with key market performance indicators up 0.12%.
The local bourse performance was driven by bargain hunting in mid-cap and blue-chip stocks, such as ARADEL, CONOIL, STANBIC, and others.
Equity investors continue to bid for stocks with strong fundamentals ahead of the release of their audited earnings to the investing public.
The Nigerian Exchange All-Share Index added 228.82 basis points in today’s trading session, reflecting a 0.12% increase to close at 197,196.97.
Also, market capitalisation gained ₦146.87 billion, closing at ₦126.58 trillion. Total volume of all trades executed in the local bourse increased by +30.09% while their total value rose by +1.92%.
Stockbrokers reported that approximately 762.53 million units valued at ₦31,229.62 million were transacted across 86,488 deals.
FTGINSURE topped the volume chart, accounting for 16.80% of the total units transacted on the local bourse, followed by ACCESSCORP (6.36%), ZENITHBANK (5.24%), CHAMS (3.96%), and JAIZBANK (3.60%).
In terms of value traded, ARADEL accounted for 16.29% of the equity segment’s transaction volume, making it the highest-traded on the exchange.
CONOIL, LEGENDINT, and OMATEK topped the gainers’ chart, up 10.00% each, trailed by NGXGROUP (+9.97%), OANDO (+9.96%), PREMPAINTS (+9.93%), ETERNA (+9.92%), INTBREW (+8.09%), and 18 others.
According to market reports, 43 stocks declined. With a price depreciation of -10.00%, ALEX topped the worst performers’ chart, followed by SCOA (-9.90%), RTBRISCOE (-9.87%), SUNUASSUR (-9.81%), UNIONDICON (-9.76%), and GUINEAINS (-9.03%). Hence, the market breadth closed on a negative note, with 26 gainers and 43 losers.
Sectoral performance was flat today as only two of the five major market sectors declined. The Oil & Gas sector increased by +2.07%, followed by the Consumer goods sector (+0.58%), while the Insurance sector and the Banking sector declined by -3.05% and -0.99% respectively. The Industrial goods sector remained unchanged (0.00%). CBN to Float OMO Auctions after 60% Bids Rejection
The post Conoil, Aradel, Oando Drive NGX Rally, Investors Gain N147bn appeared first on MarketForces Africa.