J’Berger, Cutix top gainers as market cap surges N285bn

cover, Financial Markets

The Nigerian Exchange began the week on a positive note as equities gained N285bn in market value on Monday, lifted by strong performances in Julius Berger Nigeria, Cutix, and insurance stocks.

At the close of trading, the All-Share Index advanced by 435.61 points, representing a 0.31 per cent rise, to settle at 141,439.75. The rally pushed the market capitalisation to N89.5tn, reflecting improved investor sentiment despite recent volatility that had seen the market shed value in the previous week.

Trading data showed that a total of 589.73m shares worth N11.22bn were exchanged in 33,304 deals. This represented a 23 per cent decline in volume and a 56 per cent drop in turnover compared with the previous session, although the number of deals increased 29 per cent, suggesting renewed trading interest across counters.

Market breadth closed positive with 40 gainers against 17 losers. Julius Berger Nigeria led the gainers’ chart with a 9.93 per cent appreciation to close at N146.10 per share. It was followed by Cutix, which gained 9.86 per cent to close at N3.90, while Regency Alliance Insurance rose by 9.70 per cent to finish at N1.47. Veritas Kapital Assurance climbed 9.60 per cent to close at N2.17, and McNichols appreciated 9.37 per cent to settle at N3.50. Also on the gainers’ chart, NEM Insurance advanced 8.83 per cent to close at N28.95 per share.

On the flip side, University Press led the losers with a 12.06 per cent decline to N5.54 per share.

Cadbury Nigeria followed, dropping 9.61 per cent to N57.85, while Abbey Mortgage Bank shed 8.39 per cent to N6.55. Daar Communications lost 7.44 per cent to close at N1.12, Austin Laz slipped 6.55 per cent to N2.71, and Mecure Industries fell 6.02 per cent to close at N19.50.

In terms of activity, FCMB Group topped the chart with 105.1m shares valued at N1.14bn traded in 1,144 deals. Veritas Kapital Assurance followed with 59.6m shares worth N128.8m, while Universal Insurance recorded 34.4m units valued at N45.2m. Aiico Insurance exchanged 26.2m shares worth N111.9m, while GTCO recorded 25m units valued at N2.39bn, making it the most traded stock by value. Other value leaders included Aradel Holdings with N1.35bn, Zenith Bank with N709.4m, and UBA with N683.6m.

Sectoral performance showed mixed results. The Insurance Index emerged as the best performer with a 3.81 per cent gain, driven largely by price appreciations in Regency Alliance, Veritas Kapital, and NEM Insurance. The Banking Index advanced 1.12 per cent, buoyed by gains in FCMB, UBA, and Zenith Bank. The NGX Pension Index also rose 0.49 per cent, and the Main Board Index climbed 0.43 per cent, while the Consumer Goods Index gained 0.29 per cent. However, the Top 30 Index recorded a modest 0.25 per cent rise.

Despite the day’s rebound, analysts noted that the market still posted a one-week decline of 2.27 per cent. However, it retained a four-week gain of 4.64 per cent and a robust year-to-date appreciation of 37.42 per cent, reflecting the strength of investor appetite for equities despite macroeconomic headwinds.