Conoil drives market recovery as investors gain N131bn

• Published On: 06 November 2024 at 15:54

The Nigerian Exchange Limited reversed its six-day losing streak on Tuesday, with investors gaining N131 billion thanks to significant share price increases in Conoil and JohnHolt.

Both stocks increased by 9.93% and 9.92%, respectively, helping to lift the market out of the red zone.

The market had lost more than N1.3 trillion over the previous six sessions.

However, Tuesday's recovery saw the NGX market capitalization rise by 0.22% to N58.85 trillion, while the All-Share Index climbed to 97,123.61 points. This increases the year-to-date return on market capitalization to 29.89%.

Trading activity was strong, with a 2.82% increase in the number of transactions, a 194.37% increase in trading volume, and a 79.64% increase in trading value, indicating renewed investor confidence.

On Tuesday, 3.60 billion shares were traded in 10,679 transactions, worth a total of N25.57 billion. Banking and insurance stocks dominated trading volumes, with Sovereign Insurance topping the list with 2.49 billion shares worth N1.42 billion in 12 transactions.

NEM Insurance followed closely with 563.77 million shares valued at N3.95 billion, while United Bank for Africa traded 201.96 million shares worth N6.74 billion.

Overall, 26 stocks rose, while 21 fell.

Conoil led the gainers on Tuesday, up 9.93% to close at N208.10, while JohnHolt's shares rose 9.92% to N3.99. Eunisell also experienced a significant increase, rising 9.87% to close at N6.79.

On the other hand, Oando was the biggest loser, dropping 9.98% to close at N72.65. Daar Communications followed with a 9.68% decline, closing at N0.56, while Regency Alliance Insurance fell 6.52% to N0.43.

On Tuesday, the Nigerian Exchange (NGX) saw largely negative sector performance. The insurance sector fell by 1.33%, while the consumer and industrial goods sectors fell by 0.05% and 0.06%, respectively. However, the banking and oil/gas sectors grew by 3.16% and 1.55%, respectively.

During Tuesday's trading session on the NGX, 124 stocks changed hands.