The Nigerian Exchange (NGX) closed higher on Monday, with investors gaining N228.25 billion as buying interest spread across banking, insurance, industrial, and consumer goods stocks, despite a decline in the oil and gas sector. The NGX All-Share Index (ASI) rose by 352.24 points, or 0.14%, to close at 250,156.80 points, up from 249,804.56 points at the previous close. Market capitalisation increased from N162.16 trillion to N162.39 trillion, reflecting the positive session.
Sectoral Performance: Banking Leads, Oil and Gas Lags
The NGX Banking Index led the sectoral gainers, rising by 0.68%. The NGX Industrial Index increased by 0.47%, while the NGX Insurance Index gained 0.33% and the NGX Consumer Goods Index advanced by 0.32%. On the downside, the NGX Oil/Gas Index declined by 0.40%, and the NGX Lotus Islamic Index fell by 0.44%.
The positive session marked a recovery from the previous trading day, when the market closed in the red for the second consecutive session on Thursday, August 26, as sellers dominated across key sectors. In that earlier session, the Banking Index had dropped by 1.41%, while consumer goods and industrial stocks also lost ground.
Top Gainers and Losers on the NGX
Among the top gainers, SUNU Assurances rose by 10.00% to close at N3.08. NASCON Allied Industries gained 10.00% to N176.00, Omatek Ventures increased by 10.00% to N1.32, and Thomas Wyatt Nigeria advanced by 10.00% to N2.53. Critical Minerals Financing Corp gained 9.80% to N2.24, while Fortis Global Insurance rose by 9.70% to N1.81. UPDC increased by 9.68% to N3.40, Neimeth International Pharmaceuticals gained 8.96% to N7.30, Transnational Corporation advanced by 6.78% to N37.00, and Oando rose by 4.85% to N35.65.
On the losing side, Okomu Oil Palm Company fell by 10.00% to close at N1,276.20. Custodian Investment declined by 9.13% to N68.15, Sovereign Trust Insurance dropped by 8.64% to N2.01, and Haldane McCall fell by 8.33% to N3.30. Ellah Lakes declined by 5.39% to N7.90, First Holdco dropped by 5.44% to N160.00, International Breweries declined by 3.50% to N9.65, Aradel Holdings fell by 1.29% to N1,530.00, and United Bank for Africa (UBA) dropped by 0.79% to N44.20.
Most Active Stocks and Trading Volume
A total of 574.12 million shares were traded in 68,506 deals across the equities boards. Mutual Benefits Assurance led trading activity with 53.58 million shares, followed by Sterling Financial Holdings Company with 44.23 million shares. Guaranty Trust Holding Company exchanged 25.85 million shares, AIICO Insurance recorded 24.38 million shares, and Access Holdings traded 22.66 million shares. In the previous session, a total of 885.02 million shares worth N28.3 billion had exchanged hands, with Champion Breweries and Access Holdings among the most actively traded.
The market's positive close on Monday suggests renewed investor confidence in banking and industrial stocks, despite continued weakness in the oil and gas sector. The NGX All-Share Index's 0.14% gain adds to a recent trend of mixed performance, with the index having risen 2.78% in a previous week as 52 equities gained.
UBA Offers N30m Loan for Dangote IPO
In related news, United Bank for Africa (UBA) has announced that customers can access personal loans of up to N30 million to subscribe to the Dangote Petroleum Refinery initial public offering (IPO), positioning itself as a funding option for retail investors looking to participate in the share sale. The bank communicated the offer directly to customers via email, describing the loan as a solution for investors who want to join the IPO but lack sufficient funds. UBA also described the offering as a chance to own a stake in one of Africa's largest industrial projects and benefit from its growth potential.
