NGX: GEREGU drives local bourse rally as index rises by 0.95%



Uba Group

The Nigerian stock market started the week positively, with the All Share Index rising by 0.95 percent to 53,157.83 points due to strong corporate earnings and increased interest in GEREGU shares (+10.00%).

Consequently, the year-to-date gain of the local bourse jumped to 3.72 percent even as the Exchange recorded more gainers than losers (28 to 15).

Pharma major, MAYBAKER, rose 8.26 percent after an impressive FY earnings release. Other symbols such as NAHCO (+9.62%), AIRTELAFRI (+3.11%), DANGSUGAR (+2.66%), and GTCO (2.25%) also enjoined investors’ patronage on Monday.

Sectorial performance was bullish as three of the five indices tracked closed northward: the NGX Banking, NGX Consumer Goods, and NGX Industrial indices rose by 0.66 percent, 0.24 percent, and 0.08 percent, respectively.

On the flip side, the NGX Insurance indices fell by 1.23 percent due to sell pressure on WAPIC (-8.89%) and ROYALEX (-7.14%) shares. The NGX Oil/Gas index remained unchanged. In the broader market, the NGX Premium index and the NGX-30 index rose by 14 bps and 76 bps, respectively.

Meanwhile, trading activity increased, with total deals, volume, and value rising further by 20.37 percent, 17.68 percent, and 141.78 percent, respectively, to 4,332 trades, 201.36 million units, and N5.67 billion. In terms of volume, ZENITHBANK was the most active stock, with 36.76 million shares worth N924.14 million changing hands in 314 deals.