NGX Delivers 29% Return YTD, Companies Double Down on Gains
Nigerian Exchange (NGX) year-to-date (YTD) return topped 29% as market capitalisation approached N129 trillion, supported by activities of value hunters in the local bourse.
Many companies with higher beta have delivered significant capital appreciation to shareholders in less than 3 months as the local bourse continues to boom. Top-performing stocks have gotten 100% re-rating since the beginning of the year as money continues to flow into the market.
On Wednesday, Nigerian equities extended their bullish run with the NGX All-Share Index edging up 0.11% to close at 200,925.75 points.
The positive trading activities nudged the YTD return to +29.12% and added ₦141.14 billion to market capitalisation, which settled at ₦128.98 trillion.
WEMABANK topped the volume chart with 104.3 million units (19.4% of total volume traded), while MTNN topped the value chart with trades worth N4.3 billion (16.7% of total value traded).
Stockbrokers said market breadth was positive at 1.1x, with 32 gainers outweighing 30 laggards. Overall, LEGENDINT (+10.00%) was the best performer while FIDSON (-9.97%) led the laggards.
Counters including LEGENDINT, ZICHIS, PREMPAINTS, JOHNHOLT, and CONHALLPLC posted the steepest losses.
ZENITHBANK (-5.32%), FIRSTHOLDCO (-2.02%), and UBA (-1.46%) offset the positive sentiments in MTNN (+2.41%), GTCO (+3.20%), and NB (+2.79%).
Sectoral performance was mixed, with Insurance (+0.76%) and Consumer Goods (+0.42%) closing in the green, while Banking (-0.98%) and Industrial (-0.11%) weighed on the index, and Oil & Gas and Commodity sectors ended flat.
Trading activity softened considerably, as volumes, turnover, and deal count declined by 58.34%, 61.15%, and 49.26%, respectively, to 537.99 million shares, ₦25.39 billion, and 45,641 transactions.
