Equities Investors Combine Wealth Grows to N44Trn -NGX
The Nigerian Exchange (NGX) All-share index hit an all-time high as a result of sustained bargain hunting that pushed equities investors’ combined wealth higher by N363 billion to close to N44 trillion mark.
The local bourse has sustained an uptrend throughout the New Year, gaining about N2.7 trillion in the first four days after it popped up by N13 trillion in 2023. Lagos bourse grew by 0.83%, data from the stock market showed as equities market capitalisation neared N44 trillion.
The market positive performance was a result of investors’ increased buying appetite across the major market sectors, which was led by the financial sector, Atlass Portfolios Limited said in a note.
The market index or All-Share Index increased by 659.87 basis points, representing an increase of +0.83% to close at 80,324.53, according to data from the Exchange.
Given the latest trend, market activities recorded large daily improvement. Total volume and total value traded increased by +33.32%, and +6.48% respectively.
Market analysts at Atlass Portfolios Limited said in their notes that approximately 1,190.16 million units valued at ₦15,256.85 million were transacted in 16,081 deals.
TRANSCORP was the most traded stock in terms of volume, accounting for 25.16% of the total volume of trades. This was followed by FCMB (8.94%), FIDELITYBK (7.39%), STERLINGNG (5.28%), and UNITYBNK (2.75%) to complete the top 5 on the volume chart.
It was noted that TRANSCORP was also the most traded stock in value terms, with 26.79% of the total value of trades on the exchange.
CORNERST, CUTIX, JAIZBANK, JBERGER, LASACO, and OMATEK topped the advancers’ chart with a price appreciation of 10.00 per cent each. These stocks were trailed by WEMABANK with +9.89% growth, STERLINGNG (+9.88%), ROYALEX (+9.88%), and forty-four others.
Eighteen stocks depreciated, according to stockbrokers. DAARCOMM was the top loser, with a price depreciation of -9.30%. Other losers include ETERNA (-8.79%), FIDELITYBK (-5.99%), BERGER (-4.55%), CUSTODIAN (-3.23%), and STANBIC (-0.38%).
Based on trading movement, the market breadth closed positive, recording 53 gainers and 18 losers. In addition, the market sector performance was positive. Oil Spill: Supreme Court Upholds Shell Appeal
Five major market sectors rallied, led by the Insurance sector which grew by +6.28%, followed by the Banking sector which popped higher by +2.23%. The Industrial sector rose by +0.67%, the Oil and Gas sector jumped higher by 0.59% and the Consumer goods sector added 0.13%.
Overall, equities market capitalisation advanced by ₦363.31 billion, representing a growth of +0.83%, to close at ₦43.96 trillion. #Equities Investors Combine Wealth Grows to N44Trn -NGX
