Nigerian Stock Market Extends Strong Performance, 10 Companies Top Gainers List
- The Nigerian Exchange on Tuesday extended its winning momentum by N111 billion, driven by positive sentiment in top stocks
- ABC Transport Plc, Prestige Assurance Plc, Tantalizers Plc (TIP) and Wapic Insurance Plc led the gainers table
- The losers' table includes Unilever Nigeria, Chemical and Allied Products Plc, Juli Plc and Africa Prudential Plc
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian equity market continued its bullish momentum on Tuesday, August 13, from previous sessions, as key market performance indicators, the NGX All-Share Index (ASI) and market capitalisation, each appreciated by 0.07%.
Source: Facebook
The market’s upward trajectory was driven by sustained buying interest in the insurance sector, which posted an impressive 9.12% gain, supported by notable advances in medium- and large-cap stocks such as Ellah Lakes Plc, Lafarge Africa Plc (WAPCO), and others.
Specifically, the ASI added 106.69 basis points to close at 146,055.16, reflecting a 0.07% increase. Market capitalisation also rose by N67.93 billion to settle at N92.41 trillion, representing the same percentage growth.
Market activity on Tuesday
Trading activity was mixed, as total volume fell by 39.63% while total value increased by 25.03%. A total of 1.277 billion units valued at N24.25 billion were traded across 31,155 deals.
In terms of volume, Lasaco Assurance Plc led with 8.40% of total trades, followed by Japaul Gold & Ventures Plc (8.38%), Sterling Financial Holdings Plc (7.67%), AIICO Insurance Plc (5.09%), and Access Holdings Plc (4.79%).
In value terms, Guaranty Trust Holding Company Plc (GTCO) led the chart, accounting for 10.85% of the total traded value.
Overall, the market breadth closed positive, with 49 gainers and 29 losers.
Source: Getty Images
Top gainers
- ABC Transport Plc: 10.00%
- Prestige Assurance Plc: 10.00%
- Tantalizers Plc (TIP): 10.00%
- Wapic Insurance Plc: 10.00%
- Champion Breweries Plc: 10.00%
- Ellah Lakes Plc: 10.00%
- AXA Mansard Insurance Plc: 10.00%
- Sunu Assurances Nigeria Plc: 10.00%
- Julius Berger Nigeria Plc: 9.99%
- Mutual Benefits Assurance Plc: 9.97%
- Veritas Kapital Assurance Plc: 9.96%
- Cornerstone Insurance Plc: 9.93%
- Royal Exchange Plc: 9.92%
- 36 other gainers
Top decliners
- Juli Plc: 10.00%
- Unilever Nigeria Plc: 9.97%
- May & Baker Nigeria Plc: 7.69%
- Africa Prudential Plc: 4.79%
- Chemical and Allied Products Plc (CAP): 4.05%
- Oando Plc: 1.89%
Sectoral performance
Sectoral performance was largely negative, with three of the five major indices declining. The consumer goods sector fell by 0.48%, banking by 0.22%, and oil & gas by 0.19%.
The insurance sector gained 9.12%, while the industrial goods sector rose 0.86%.
Dollar exchange rate rises again
Earlier, Legit.ng reported that the dollar exchange rate increased again in the official and unofficial foreign exchange markets.
New data showed that the naira fell against the dollar by 0.076% in the official market and N5 in the black market.
Traders in the parallel market, also known as the black market, shared new exchange rates for the dollar, pound, and euro.
Proofreading by Funmilayo Aremu, copy editor at Legit.ng.
Source: Legit.ng
