NGX equity investors gained about N479bn as insurance sector reforms drive optimism

Equity investors gained about N479 billion as insurance sector reforms drive optimism in the stock market on Thursday. The Nigerian Exchange (NGX) trading session closed on a bullish note, extending its upward trajectory, as key market performance indicators appreciated by 0.52%. The positive close marks a 26-day rally in the market, with NGX’s year-to-date return settling at 42.4%. The positive sentiment was underpinned by sustained buying interest in mid- and large-cap stocks, with the insurance sector emerging as the top performer again, posting an impressive 8.76% gain. The insurance sector-wide rally was fuelled by renewed investor optimism, buoyed by recent reforms within the industry, amid improved investor confidence in the capital market. As a result, the market index grew by 755.49 basis points to close at a new all-time high of 146,569.35 points, representing a 0.52% increase from the previous session. Nigerian stock market capitalisation appreciated by ₦478.82 billion to settle at ₦92.73 trillion on Thursday. However, market activities declined today as the total volume and total value of all trades reduced by +26.51% and +16.45%, respectively.
Stockbrokers at Atlass Portfolio Limited told investors in a note that approximately 1,983.02 million units valued at ₦27,261.91 million were transacted across 35,291 deals. In terms of volume, LINKASSURE led the activity chart, accounting for 18.81% of the total volume of all trades closed on the exchange, followed by PRESTIGE (12.60%), VERITASKAP (9.19%), STERLINGNG (6.11%), and LASACO (2.97%). GTCO emerged as the most traded stock in value terms, accounting for 10.78% of the total value of trades on the exchange. AIICO, CORNERST, MANSARD, and UPL topped the advancers’ chart for today with a price appreciation of 10.00 percent each, according to data from the Nigerian bourse. Other gainers include GUINNESS (+9.98%), UPDC (+9.94%), PRESTIGE (+9.93%), NEM (+9.93%), NGXGROUP (+9.92%), and thirty-five others.
Thirty-three stocks depreciated, NGX trading data revealed. CHAMS was the top loser, with a price depreciation of -9.94%, trailed by CAVERTON, UACN, MAYBAKER, OANDO, and BUACEMENT. With the trading direction, the market breadth closed positive, recording 44 gainers and 33 losers. In addition, the market sectoral performance was positive, as three out of the five major market sectors inched higher. The insurance sector surged by +8.76%, followed by the consumer goods sector, which gained +4.08%, and the banking index surged by 0.20%. The industrial and oil & gas sectors dropped by -1.73% and -0.93%, respectively.