The Nigerian equities market staged a dramatic end-of-month recovery on Monday, adding N1.91 trillion to its market capitalisation in a single session, as aggressive buying in banking, consumer goods and oil stocks helped the market claw back some of its August losses.
The late rally, however, was not enough to erase the damage from a three-week sell-off that left the NGX All-Share Index down 0.44 per cent in August, underscoring a sharp shift in investor sentiment after months of strong gains.
The All-Share Index advanced by 1.20 per cent on Monday to close at 244,199.39 points, lifting its year-to-date return to 56.93 per cent, while total market capitalisation rose to N157.74 trillion from the previous session’s N155.83 trillion.
The rebound was broad-based, with 43 stocks advancing against 16 decliners, resulting in a strong market breadth of 2.7x.
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Banking stocks provided the biggest boost, with the sector surging by 3.11 per cent, while Consumer Goods gained 1.72 per cent and Oil & Gas rose 1.35 per cent. Commodity and Insurance stocks also advanced by 0.88 per cent each. Industrial stocks bucked the trend, declining by 0.65 per cent.
Omatek Ventures, Ikeja Hotel, Sovereign Trust Insurance, Sunu Assurances and Royal Exchange emerged among the biggest gainers, while Abbey Mortgage Bank, Africa Prudential, FTN Cocoa Processors, Tantalizer and Consolidated Hallmark Insurance recorded notable losses.
The strong finish came after a bruising period for equities investors. The market had rallied to a monthly high of 248,556.30 points on August 10 but subsequently entered a prolonged sell-off as investors took profits across several heavily appreciated stocks.
The decline accelerated from August 11, when the index fell by 0.74 per cent, followed by a…
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Read Full Article by Kehinde Akinseinde-Jayeoba at tribuneonlineng.com
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