Nigerian Exchange Expands by 50.1%, Market Cap Hits N98trn
Recording a 50.1% year-to-date gain, the Nigerian Exchange (NGX) market capitalisation hit $98 trillion on Thursday as the third-quarter earnings release continues to fuel the rally.
Equities investors increased their positions in some value and growth stocks in anticipation that their results would trigger market re-rating.
Stockbrokers said the rally will likely push market value of all the listed companies above N100 trillion in October, reflecting increase appetite for risk assets amidst yield slowdown in the fixed income market.
Due to sustained bargain hunting, NGX key market performance indicators climbed by 49 basis points, while year-to-date return rose to 50.10%
The market delivered positive performance despite negative breadth, fuelled by sustained investor optimism and buying interest particularly in blue-chip and medium stocks.
PZ, WAPCO, ARADEL, MTNN and other equities saw further re-rating due to rising investors’ interest. The market anticipates the release of Q3 financial statement report from other listed companies, with expectation of an improved performance.
Data from the Nigerian Exchange showed that the market index grew by 753.65 basis points today to close at a fresh historic high of 154,489.90 points, representing a 0.49% increase from the previous session. NGX market capitalisation increased by ₦478.37 billion to settle at ₦98.06 trillion, supported by increased market activities.
Trading activities inched upward as the total volume and total value of all trades executed in the market increased by +61.70% and +16.68%, respectively. Stockbrokers reported that approximately 926.92 million units valued at ₦26,950.99 million were transacted across 30,703 deals.
In terms of volume, JAPAULGOLD led the activity chart, accounting for 47.24% of the total volume of trades, followed by FIDELITYBK (8.37%), WAPCO (5.02%), ACCESSCORP (3.53%), and NASCON (1.94%), rounding out the top five.
WAPCO emerged as the most traded stock in terms of value, with 25.95% of the total value of all trades on the exchange. TIP and PZ topped the advancers’ chart for today with a price appreciation of 10.00 percent each.
The two companies were trailed by ASOSAVINGS (+9.09%), CAP (+8.82%), WAPCO (+8.63%), MECURE (+8.10%), CHAMPION (+7.05%) and twenty-seven others.
Thirty-six stocks were depreciated in the market. JOHNHOLT was the top loser, with a price depreciation of -9.72%, as STANBIC (-9.15%), OANDO (-6.44%), LIVESTOCK (-5.06%), DANGSUGAR (-4.58%), and TANTALIZER (-2.17%) also dipped in price.
Today, the market breadth closed slightly negative, recording 34 gainers and 36 losers. Sectoral performance was diverse: Industrial (+3.09%), Oil & Gas (+1.13%), and Commodity (+0.83%) recorded gains, while Banking (-1.06%), Insurance (-1.27%), and Consumer Goods (-0.94%) declined.
