Equity market investors made a profit of N355bn as the local stock exchange started trading well on Monday.
According to The Punch, market capitalization as well as the All-Share Index, which tracks market activity, both increased by 0.97 percent to N36.865 trillion and 67,101,33 basis points, respectively.
The Nigerian Exchange Limited has benefited from listings during the past week despite conflicting opinions.
Under the N200 Billion Issuance Program, Chapel Hill Denham Management Limited’s Nigerian Infrastructure Debt Fund listed 853,694,759 units of N100 apiece at N108.39 each last week. Additionally, investment company VFD Group listed all 190,027,365 of its issued and paid ordinary shares for N244.88 per unit on the NGX’s Main Board.
The number of trades made each day increased by 1.30 percent to 6,911 transactions. The volume and value of commerce, however, decreased by 28.18 and 61.23 percent, to 268.66 million and N3.46 billion, respectively.
According to analysts, the market will experience mixed emotions this week as investors look for deals and rebalance their portfolios in front of Q3 corporate earnings announcements. Investors are also eagerly anticipating the Central Bank of Nigeria’s impending monetary policy meeting.
26 gainers outnumbered 23 losers, indicating strong market sentiment.
BUA Cement topped the list of gainers, rising 10% to finish at N103.40. Nigerian Breweries’ stock increased by 9.09% to close at N42 per unit, Dangote Sugar’s stock increased by 2.65% to close at N58 per unit, Oando increased by 2.22% to close at N9.20, and Transcorp increased by 1.16% to close at N6.10 for the day’s trade.
Prestige Assurance’s stock dropped 10% to close at N0.45, the NGX Group lost 4.04 % of its share value to close at N22.55, Unity Bank dropped 3.03 % to close at N0.96 per unit, and non-interest bank Jaiz Bank, which recently applied to the NGX for permission to issue a rights issue of 5,408,356,536 ordinary shares, also saw a decline of 3.03 % to close at N1.60 per unit.
In order to raise N5.41 billion through a rights issue, Jaiz Bank would issue 87 new ordinary shares for every 250 existing ones that were owned as of last Friday.
