Gains in 32 equities led to a bullish close at the Nigerian Exchange Group Limited, NGX on Monday amid sector rotation in the market as investors take advantage of pullbacks to buy into value.
Investors realised gains of N57 billion at end of business as the market capitalisation of listed equities increased by 0.10%, closing at N56.635 trillion higher than Friday’s N56.577 trillion.
Similarly, the equities market experienced a revival of bullish momentum, as the All-Share Index rose by 100.11 basis points 0.10% to close at 98,558.79 points compared to the 98,458.68 points of the previous session.
This positive shift was fueled by mixed sentiment in the market on the back of continued profit taking activities and portfolio rebalancing ahead of quarter-end window dressing and Q3 earnings session.
As a result, the number of gainers significantly outpaced losers, with 32
stocks advancing compared to 23 that declined.
The session ended with a total of 1.857 million units traded that exchanged hands in 10,583 deals.
Major gainers for the day were ABBEYBDS, AFRIPRUD, and NSLTECH, which recorded significant share price gains of 10% on their respective share prices to close at N2.75k, N9.90k and N0.66k.
TRIPPLEG followed with a 9.93% profit on its share price to close at N4.54k while; DEAPCAP gained 9.91% on its share price to close at N1.22k
On the flip side, ACADEMY Press led the decliners chart with a drop of 9.78% to close at N2.86k.
Caverton Offshore Support Group followed with a 9.70% loss in its share price to close at N2.42k then; UPL share price dropped by 8.44% to close at N2.17k.
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