The Nigerian Exchange (NGX) opened the week with a significant market gain of N1.909 trillion, driven by strong performances from Airtel Africa and other equities. The All-Share Index (ASI) rose 1.20%, adding 2,956.15 points to close at 248,529.75 points, compared with 245,573.60 points at the end of the previous session. Market capitalisation increased from N158.513 trillion to N160.422 trillion.
Market Breadth and Sectoral Performance
Despite the benchmark index's strong rise, market breadth remained negative, with 37 stocks declining against 23 gainers. This indicates that the gains were not broad-based across the market. The Consumer Goods Index was the only sectoral index to record a notable gain, rising 0.76%. In contrast, the Insurance Index declined 1.64%, the Banking Index fell 0.24%, the Energy Index dropped 0.09%, and the Industrial Goods Index retreated 0.05%.
Investor sentiment improved on Monday despite losses across several sectors, with Airtel Africa emerging as one of the major stocks supporting the market's advance, according to data from the NGX.
Top Gainers and Losers
Airtel Africa surged 8.59% to close at N6,300.00, leading the gainers. Fortis Global Insurance gained 10.00% to N2.86, Chams advanced 9.80% to N4.48, NAHCO rose 9.29% to N153.00, and Sovereign Trust Insurance appreciated 6.59% to N1.78.
On the losing side, AVA Capital declined by 10.00% to close at N9.90. Ecobank fell 9.92% to N64.95, Caverton dropped 9.09% to N5.00, Ikeja Hotel declined 8.41% to N43.00, and FTN Cocoa shed 8.37% to close at N8.10.
Trading Activity and Most Active Stocks
Trading activity remained strong during the session, although the volume of shares traded declined compared with the previous session. A total of 1.10 billion shares valued at N27.0 billion were traded in 59,185 deals. Consolidated Hallmark led the activity chart with 354.1 million shares worth N1.5 billion. Fortis Global Insurance traded 307.3 million shares valued at N818.3 million. Access Holdings exchanged 48.1 million shares worth N1.4 billion. Chams recorded 37.4 million shares valued at N163.3 million, and First HoldCo traded 35.8 million shares worth N5.1 billion.
In related news, Femi Otedola, Chairman of First HoldCo Plc, strengthened his position in the financial services company by purchasing an additional 680.8 million shares through a private placement. The transaction increased Otedola's stake in the group to 20.42%, taking the estimated value of his holdings to about N1.05 trillion. Sources familiar with the deal said the shares were issued at N44 each, representing a discount to First HoldCo's closing share price of N61 on July 18.
