The stock market makes $3.17 trillion a day

The Nigerian stock market closed on a positive note on Monday, as investors gained $3.169 trillion.

The positive market performance was driven by renewed buying interest in banking and insurance stocks, while industrial, consumer goods and energy stocks also contributed significantly to the rally.

The market capitalization increased by N3.169 trillion from N147.102 trillion to N150.271 trillion, an increase of 2.15%.

Likewise, the All-Share Index rose 4,937.91 points, or 2.15%, to close at 234,178.25, up from 229,240.34 recorded in the previous session.

As a result, the market’s year-to-date (YTD) return strengthened to 50.49%, while market breadth closed positively with 54 gains and 12 losses.

Firstholdco and Wema Bank led the earnings chart by 10% each, settling at N60.50 and N29.70 per share respectively.

Aradel rose 9.99% to close at N1,403.30, NGX Group rose 9.96% to close at N129.75 and Veritas Kapital Assurance rose 9.92% to close the session at N1.44 per share.

In contrast, Vitafoam and Nigerian Aviation Handling Company led the losers by 10% each, closing at N170.10 and N133.65 per share respectively.

PAC fell 9.99% to close at N157.60, Fortis Global Insurance fell 9.94% to settle at N2.90, while Thomas Wyatt Nigeria fell 9.45% to close at N2.49 per share.

Analysis of market activity revealed an overall increase in market volume, value and transactions as 538.6 million shares worth N38.7 billion were traded in 64,065 transactions.

This is in contrast to 454.9 million shares valued at N27.6 billion that were traded in 48,214 deals earlier, in the previous session.

Zenith Bank maintained its position as the most actively traded stock in terms of both volume and value, with 89.46 million shares traded, representing 16.61% of the total volume traded.

The stock also recorded the highest transaction value of 9.77 billion naira, accounting for 25.24% of the total turnover for the day.