Stock Market Gains N521bn, 85 Firms Miss Out

Stock Market Gains N521bn, 85 Firms Miss Out
Stock Market Gains N521bn, 85 Firms Miss Out

Investors in the Nigerian Exchange Limited equities market recorded N521.46bn gain in September despite losses in 85 firms against 35 gainers, analysis of data from the NGX revealed.

The NGX All-Share index rose by 2.55 per cent from 39,217.61 basis points to close at N40,221.17bps, while the market capitalization of stocks also increased by 2.55 per cent reaching N20.96tn from N20.43tn at the beginning of the month.

Trading volumes increased as 6.8 billion shares worth N61.04bn were exchanged in 81,215 deals on the floor of the exchange in September compared to 5.04 billion shares worth N44.99bn traded in 83,047 deals. The NGX Premium board jumped by 6.92 per cent while the Main-Board stocks declined by 1.40 per cent.

Analysing by sectors, the NGX Industrial and Consumer Goods stocks drove gains in the market as they increased by 6.92 per cent and 2.71 per cent respectively while the NGX Banking, Oil & Gas and Insurance indices depreciated by 1.62 per cent, 0.31 per cent and 9.41 per cent respectively.

Stock Market Gains N521bn, 85 Firms Miss Out

Market sentiment as measured by market breadth was negative as 35 companies gained compared to losses in 85 equities. Atop the losers for September was Lasaco Assurance Plc which fell by 25.63 per cent to N1.19 per share. Coming next was Mutual Benefits Assurance Plc with 18.92 per cent decline, ending at N0.3 per share.

Other major losers were JaPaul Gold & Ventures Plc (-16.98 per cent, Sovereign Trust Insurance Plc (-14.29 per cent) and University Press Plc (-13.99 per cent).

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AXA Mansard Insurance Plc led gains for the month as its share price leapt by 161.80 per cent from N0.89 to N2.33.

Following was Honeywell Flour Mills Plc with a 123.81 per cent jump from N1.68 per share to N3.76 per share as the month ended.

Other top five gainers were Pharma-Deko Plc which rose by 115.60 per cent, UPDC Plc with a 60 per cent gain and Courtville Business Solutions Plc which appreciated by 52.17 per cent.