NGX Hits N89tn, Investors Re-Enter Positions in Oversold Stock
Buoyed by sustained bargain hunting, the Nigerian Exchange (NGX) has retaken N89 trillion in market capitalisation after sell pressures that lasted for weeks.
Investors re-entered positions in listed companies’ stock that had been oversold and other fundamentally sound equities with strong upside potentials.
Key performance indicators appreciated by 0.21% as the local bourse closed trading on a positive note, with year to date return settling at 36.66% on Wednesday.
Stockbrokers said the uptrend was supported by sustained buying interest across major sectors, alongside bargain hunting in some medium- and large-scale stocks.
Specifically, the market index, or All-Share Index, grew by 300.48 basis points today to close at 140,665.84 points, representing a 0.21% increase from the previous session.
Similarly, market capitalisation appreciated by ₦190.13 billion to settle at ₦89.00 trillion, also marking a 0.21% increase. However, market activities were down today as the total volume and total value of all trades consummated on the exchange dropped by 50.74% and 69.47%, respectively.
Stock traders at Atlass Portfolio Limited told investors in a note that approximately 378.18 million units valued at ₦12,408.03 million were transacted across 22,935 deals.
In terms of volume, JAPAULGOLD led the activity chart, accounting for 11.16% of the total volume of all trades executed in the local bourse, followed by ZENITHBANK (7.41%), UBA (7.24%), ACCESSCORP (6.72%), and NB (4.91%), rounding out the top five.
ZENITHBANK emerged as the most traded stock in terms of value, accounting for 15.06% of the total value of all trade on the exchange.
GUINNESS, LIVINGTRUST, and CILEASING topped the advancers’ chart with a price appreciation of 10.00 percent each, trailed by ETRANSACT (+9.68%), REGALINS (+9.42%), CAP (+9.23%), NCR (+8.96%), MBENEFIT (+7.09%) and thirty-three others.
Twelve stocks depreciated, according to NGX trading data. NEM was the top loser, with a price depreciation of -9.94%, trailed by MANSARD (-4.76%), ELLAHLAKES (-4.29%), CONHALLPLC (-4.28%), LASACO (-2.45%), and ACCESSCORP (-0.19%).
At the end of the trading session, the market breadth closed positively, recording 41 gainers and 12 losers. Also, the market sectoral performance was positive.
The banking sector grew by +0.78%, followed by the consumer goods sector with an increase of +0.21%, and the industrial sector gained +0.04%. The insurance sector dropped by -1.16%, while the oil & gas sector closed unchanged. AIICO Insurance Targets N19.55 billion Profit for FY2025
