NGX stocks gain N1.9tn in August rally

The Nigerian equities market sustained its bullish momentum to close trading activities for the month of August on a positive note, as the total market capitalisation rose by N1.913tn.

At the close of trading, the All-Share Index gained 2,900.92 points, representing a 1.20 per cent growth to settle at 244,199.39 points, while market capitalisation advanced to N157.739tn.

The upturn was largely driven by price appreciation in key large- and medium-capitalised stocks, including Aradel Holdings, MTN Nigeria Communications, Nigerian Exchange Group, Zenith Bank, and Ecobank Transnational Incorporated.

Investor sentiment remained strongly positive as 43 equities recorded price gains against 16 decliners.

Omatek Ventures led the gainers’ chart with a 10 per cent increase to close at N1.65 per share. Ikeja Hotel followed closely, gaining 9.95 per cent to finish at N42.55, while Sovereign Trust Insurance appreciated 9.94 per cent to end at N1.88 per share.

Similarly, Sunu Assurances rose 9.86 per cent to close at N3.12, while Royal Exchange gained 9.09 per cent to close at 96 kobo per share.

Conversely, Abbey Mortgage Bank topped the losers’ log, dropping 9.41 per cent to close at N7.70 per share. AVA Capital declined 7.69 per cent to close at N6.00, while FTN Cocoa Processors lost 6.25 per cent to settle at N7.50 per share.

Tantalizers also dipped 4.98 per cent to close at N3.82, while Consolidated Hallmark Holdings lost 4.60 per cent to end at N6.01 per share.

Total trading volume rose marginally by 0.2 per cent to 606.19 million units valued at N38.70bn, executed across 53,471 deals.

Access Holdings dominated the activity chart, trading 126.537 million shares valued at N3.949bn. Guaranty Trust Holding Company followed with 33.178 million shares worth N4.435bn, while United Bank for Africa traded 31.490 million shares valued at N1.454bn.

Nigerian Breweries recorded 31.246 million shares worth N2.214bn, while Veritas Kapital Assurance traded 28.981 million shares valued at N32.175m.

NGX stocks gain N1.9tn in August rally