Insurance, banking stocks push NGX market cap by N247.21bn

File photo: Nigerian Exchange market

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The Nigerian Exchange Limited opened the week on a positive note as market capitalisation rose by N247.21bn on Monday, driven largely by renewed interest in insurance and banking stocks.

At the close of trading, market capitalisation advanced to N94tn, while the benchmark All-Share Index appreciated by 0.26 per cent to finish at 147,427.92 points, extending the positive sentiment recorded last week. The performance also reflects a 2.95 per cent week-on-week gain and a 43.24 per cent year-to-date increase.

Trading activity strengthened as investors exchanged 550.84 million shares in 30,065 deals, valued at N13.83bn. Compared with the previous trading session on 5 December, the market recorded a 52 per cent increase in volume and a 43 per cent rise in the number of deals, although turnover dipped by 7 per cent.

Market breadth closed positive, with 43 gainers against 16 losers. Morison Industries led the advancers after rising 9.89 per cent to close at N3.89 per share. It was followed by NPF Microfinance Bank, which gained 9.85 per cent; Sovereign Trust Insurance, up 9.31 per cent; and Caverton Offshore Support Group, which appreciated 9.18 per cent.

On the flip side, Daar Communications topped the losers’ chart with a 7.14 per cent decline to N0.91 per share. Livestock Feeds shed 6.25 per cent, while Nigerian Aviation Handling Company and Union Dicon Salt fell by 6.1 per cent and 4.76 per cent, respectively.

In terms of activity, FCMB Group led the volume chart with 129.65 million shares, followed by Japaul Gold with 63.74 million shares, Zenith Bank with 41.99 million shares, and Fidelity Bank with 36.91 million shares. On the value chart, Zenith Bank dominated with trades worth N2.71bn, while MTN Nigeria, FCMB Group, Fidelity Bank, and AccessCorp also posted strong turnover figures.

Sectoral performance was equally upbeat, with key indices posting gains. The Insurance Index rose 1.83 per cent, the Banking Index appreciated 0.94 per cent, while the Premium, Top 30, Pension, and Industrial Goods indices also closed in the green.

Analysts say the positive start to the week reflects sustained investor confidence, particularly in stocks within the financial services and insurance space, which have continued to attract bargain hunters.

The market is expected to remain driven by year-end portfolio positioning and improved sentiment across major counters.

The PUNCH reported that the NGX closed last week on a high, with ICT and banking stocks driving the market up by N2.44tn. The All-Share Index gained 2.45 per cent to 147,040.08 points, while market capitalisation rose 2.67 per cent to N93.722tn.

Aina is a budding reporter with over a year experience covering crime, court and city for Metro.

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