Stock Market Return Hits 14.33% as Investors Gain N143bn
The Nigerian Exchange (NGX) year to date return rises further on Thursday to 14.33% as equity investors gain more than N143 billion amidst the ongoing corporate earnings releases. In the Nigerian financial markets, very few investment options would give 14% in four months, according to MarketForces Africa findings.
While the stock market balloons, rising at 14%, there are also stocks that will be doing better than this, brokers told MarketForces Africa while responding to what is driving the momentum. More than two weeks of rallies have driven returns of equity investment portfolios higher.
As the week closed to an end, the equity market has sustained the bullish run to thirteen successive trading sessions, lifting key performance indicators by 0.55 per cent following bargain-hunting on some bellwether stocks.
As a result of heavy buying interest in the local bourse, the Nigerian Exchange All-Share Index rose by 266.01 basis points representing a 0.55 percent growth, closed at 48,837.76.
Today, equity market capitalisation advanced by ₦143.41 billion, representing an uptrend of 0.55 per cent to close at ₦26.33 trillion.
Likewise, the market activities were bullish, as the total volume and value rose by 207.92 per cent and 138.55 per cent, respectively.
Citing market data, stockbrokers at Atlass Portfolios Limited said about 759.65 million units valued at ₦5.54billion were transacted in 5,032 deals.
FCMB emerged as the most traded stock in terms of volume, accounting for 66.37 per cent of the total volume of trades.
The tier-2 capital bank was followed closely by TRANSCORP (4.76%), HONYFLOUR (3.30%), FBNH (2.23%), and AIICO (2.19%) to complete the top five on the volume chart.
Also, FCMB appeared as the most traded stock in value terms, with 31.87 per cent of the total value of trades on the exchange. CADBURY & MULTIVERSE topped the advancers’ chart with a price appreciation of 10.00 per cent.
The duo were followed closely by CAP (9.77%), SEPLAT (9.09%), GUINNESS (5.14%), UNILEVER (2.22%), ETI (1.69%), ZENITHBANK (1.66%), MTNN (0.94%), FBNH (0.83%), UBA (0.61%), ACCESSCORP (0.51%), JBERGER (0.36%) and twenty-one (21) others.
Meanwhile, seventeen (17) stocks depreciated, topped by CHAMPION with a price depreciation of 6.88 per cent to close at ₦2.3.
COURTVILLE (-3.77%), FIDELITYBK (-3.47%), ETERNA (-3.27%), OANDO (-0.83%), STANBIC (-0.56%), PRESCO (-0.31%) and VITAFOAM (-0.22%) also dipped in price.
Overall, the market breadth was positive, recording 34 gainers and 17 losers while sectoral performance was positive. READ: Treasury Bills Yield Rises, FGN Bond Hits 10.75%
Market data shows that the five sectors closed bullishly compared to the previous session. Oil & Gas (5.17%), Insurance (1.13%), Banking (0.86%), Consumer Goods (0.67%), and Industrial Goods (0.03%), respectively. #Stock Market Return Hits 14.33% as Investors Gain N143bn
