NGX Expands, Market Cap Hits N38.6T
Equities market capitalisation of the Nigerian Exchange (NGX) jumped to about N38.6 trillion on Friday due to renewed interest in growth, and value stocks listed in the bourse.
After hitting the rooftop with a series of positive price movements, the local bourse witnessed some selling rallies on Thursday amidst earnings releases by listed companies.
This was upturned on Friday, a development that pushed market performance indicators higher with year-to-date return settling at +36.97% – strongly ahead of an annual inflation rate.
Data from the exchange showed that the market index or the All-Share Index increased by 154.49 basis points, representing an increase of +0.22% to close at 70,196.77.
In its market update, Atlass Portfolios Limited said the disparity between the market indicators was due to Capital Hotels Plc delisting of its entire issued share capital from the exchange.
However, stockbrokers hint the market activities ended on a mixed note. Data from the domestic bourse showed that the total volume traded dropped by -21.90%. Meanwhile, the total value traded increased by +50.50%.
Approximately 410.36 million units valued at ₦9,163.18 million were transacted in 6,436 deals, stockbrokers at Atlass Portfolios Limited said, citing data from the Nigerian Exchange.
FIDELITYBK was the most traded stock in terms of volume, accounting for 14.91% of the total volume of trades. The bank stock was followed by JAPAULGOLD (11.65%), UBA (7.54%), GTCO (7.29%), and TRANSCORP (4.21%) to complete the top 5 on the volume chart.
Large-cap stock AIRTELAFRI was the most traded stock in value terms, with 24.25% of the total value of trades on the exchange. INTBREW topped the advancers’ chart with a price appreciation of 9.64 per cent.
The brewer company’s stock was followed by gains in the following stocks: ABCTRANS (8.86%), CHAMPION (+8.82%), ROYALEX (+8.00%), AIICO (+7.14%), and twenty others.
Twenty-one stocks depreciated, according to trading results. PRESTIGE was the top loser, with a price depreciation of -8.89%. Other stock on the loser chart includes TANTALIZER (-8.89%), CHAMS (-2.02%), BUACEMENT (-4.29%), CUSTODIAN (-2.78%), and UNILEVER (-1.43%).
Based on the trading pattern observed, the market breadth closed positive, recording 26 gainers and 25 losers. But the market sector performance was negative.
Three of the five major market sectors were down, led by the Industrial sector which declined by (-1.65%), followed by the Banking sector (-0.82%), and the Insurance sector (-0.26%), while the Consumer goods sector grew by +0.37%. The Oil and Gas sector closed Flat.
Overall, equities market capitalisation advanced by ₦75 billion, representing a growth of +0.20%, to close at ₦38.56 trillion from ₦38.48 trillion the previous day. Lagos International Trade Fair: Tinubu Pledges Support to Unlock MSME Potentials
