Equities Investors Gain N536bn over Sweet Rally

Equities Investors Gain N536bn over Sweet Rally

Equities investors gained about N536 billion due to a sweet rally on Monday following bargain hunting on DANGCEM (+5.8%) and STANBIC (+9.2%). Consequently, the All-Share Index advanced by 1.5% to 68,111.71 points amidst earnings releases by corporates.

Data from the exchange showed that market performance indicators surged by +1.45% as investors’ sentiment improved after the Supreme Court verdict on 2023 presidential election.

Racing ahead an annual inflation rate of 26.72%, the strong bullish run pushed the stock market’s year-to-date performance to +32.90%. Stockbrokers said market activities increased steeply during the day.

Data from the Nigerian bourse showed that total volume and total value traded increased by +100.98% and +59.57% respectively. Trading records showed that approximately 430.39 million units valued at ₦8,257.92 million were transacted in 7,656 deals.

“The total volume traded increased significantly by 101.0% to 430.39 million units, valued at NGN8.26 billion, and exchanged in 7,656 deals. UNIVINSURE was the most traded stock by volume at 94.75 million units, while GEREGU was the most traded stock by value at NGN1.95 billion”, stock analysts said.

UNIVINSURE was the most traded stock in terms of volume, accounting for 22.37% of the total volume of trades. The Insurer was followed by UBA (12.10%), CUSTODIAN (7.85%), TRANSCORP (7.67%), and ZENITHBANK (5.77%) to complete the top 5 on the volume chart.

GEREGU was the most traded stock in value terms, with 23.64% of the total value of trades on the exchange. NNFM topped the advancers’ chart with a price appreciation of 10.00 per cent. The stock was trailed by CHELLARAM (9.77%), UACN (+9.54%), NAHCO (+9.45%), TIP (+9.43%), and forty others.

Sixteen (16) stocks depreciated, where MEYER was the top loser, with a price depreciation of -9.87%. Loss makers include REGALINS (-8.33%), JAIZBANK (-5.95%), NASCON (-2.76%), STERLINGNG (-1.42%), and FIDELITYBK (-0.61%).

As measured by market breadth, market sentiment was positive (2.8x), as 44 tickers gained relative to 16 losers.  From a sectoral perspective, gains in the Industrial Goods (+3.0%), Banking (+1.2%), Insurance (+0.9%), and Consumer Goods (+0.4%) indices reflected the overall market performance. Meanwhile, the Oil & Gas index stayed flat.

Overall, equities market capitalisation inched higher by ₦535.74 billion, representing a growth of +1.45%%, to close at ₦37.42 trillion from ₦36.89 trillion last Friday. #Equities Investors Gain N536bn over Sweet Rally Naira Devaluation Deepens Economic Crisis in Nigeria