Nigerian Exchange Hits New Highs as Investors Gain N1.44trn
The Nigerian Exchange (NGX) market capitalisation soared on Wednesday as investors gained more than N1.44 trillion due to sustained bargain hunting across key indexes.
All key indicators are trading at all-time highs as the domestic bourse resumed on a bullish note after the holiday. Data from the Exchange showed key market performance indicators advanced by 1.80% on Wednesday, and year-to-date return also advanced to 25.30%.
The local bourse continued its bullish momentum from the previous sessions before the break, buoyed by increased buying interest in both mid and large cap stocks.
The rally was boosted by investors hunting after NESTLE, FIRSTHOLDCO, UBA, and 37 other equities across major sectors, particularly the banking sector.
This bullish sentiment extended the market’s winning streak to 10 consecutive sessions, reflecting sustained investor confidence and optimism in the near-term outlook of the market.
The market index increased by 2,587.64 basis points today to close at a new all-time high of 128,967.08 points. Trading activities inched higher on the NGX as the total volume and total value of trades surged by 833.60% and 1,087.01%, respectively.
In an update, Atlass Portfolio Limited told investors that approximately 11,670.61 million units valued at ₦363,412.22 million were transacted across 38,918 deals.
In terms of volume, UBA led the activity chart, accounting for 12.76% of the total volume of trades, followed by ACCESSCORP (10.10%), UNIVINSURE (10.05%), ZENITHBANK (5.37%), and NB (4.18%), rounding out the top five.
UBA also emerged as the most traded stock in value terms, accounting for 19.09% of the total value of trades on the exchange.
NESTLE, EUNISELL, NSLTECH, and OMATEK topped the advancers’ chart with a price appreciation of 10.00 percent each, trailed by TRIPPLEG (+9.92%), FIRSTHOLDCO (+9.90%), IMG (+9.89%), UBA (+9.78%), STANBIC (+9.67%) and thirty-one others.
Forty-four stocks depreciated, according to data from the Nigerian Exchange. FTNCOCOA and NPFMCRFBK were the top losers, with a price depreciation of -10.00% each.
Other decliners include CILEASING (-9.97%), ELLAHLAKES (-9.93%), CONHALLPLC (-9.87%), CAVERTON (-9.58%), and JAPAULGOLD (-5.63%).
Today, the market breadth closed negative, recording 40 gainers and 44 losers. However, the sectoral performance was positive today, as three out of the five major market sectors were up.
The banking sector grew by +7.05%, followed by the consumer goods sector, which advanced by +1.33%, and the industrial sector, which gained +1.15%. The insurance and oil & gas sectors dropped by -2.94% and -0.19%, respectively.
Overall, the equities market capitalisation grew by ₦1,636.94 billion to settle at ₦81.58 trillion. #Nigerian Exchange Hits New Highs as Investors Gain N1.44trn#
