Equities Investors Gain N149bn as NGX Rebounds

Equities Investors Gain N149bn as NGX Rebounds

Equities investors gained N149 billion on Tuesday following buying interest witnessed on the floor of the Nigerian Exchange. The market halted downward trend amidst first quarter of 2024 earnings release.

According to information from the local bourse, the market performance indicators grew by +0.27%. This caused year to date return to inched higher. Stockbrokers said the latest uptrend was supported by buying interest in some recently depreciated medium and large-scale stocks.

Consequently, market index or the All-Share Index increased by 263.39 basis points, representing a rise of +0.27% to close at 98,225.63.

Based on today’s bullish trend, market activities surged. Total volume and total value traded increased by +99.18% and +193.52%, according to data obtained from the Nigerian Exchange.

In its market update, Atlass Portfolios Limited said approximately 552.21 million units valued at ₦14,919.71 million were transacted in 9,350 deals.

GTCO was the most traded stock in terms of volume, accounting for 44.49% of the total volume of trades. The orange brand financial services group was followed by FBNH (8.24%), ACCESSCORP (7.77%), TRANSCORP (6.54%), and UBA (4.07%) to complete the top 5 on the volume chart.

 Also, GTCO was the most traded stock in value terms, with 53.26% of the total value of trades on the exchange. CAP, LEARNAFRCA, NAHCO, and UACN topped the advancers’ chart with a price appreciation of 10.00 percent each.

These top performers were trailed by CONOIL which gained (+9.96%). Other gainers include JBERGER (+9.94%), MORISON (+8.87%), INTENEGINS (+8.59%), TANTALIZER (+8.33%), and eighteen others.

Market data indicated that eighteen stocks depreciated despite bullish run. DANGSUGAR was the top loser, with a price depreciation of -9.95%. Other loser include: VITAFOAM (-9.81%), HONYFLOUR (-9.74%), CILEASING (-9.46%), WAPCO (-8.75%), and FTNCOCOA (-4.14%).

It was noted from the trading results that the market breadth closed positive, recording 27 gainers and 18 losers. Nevertheless, the market sector performance closed negative.

Three of the five major market sectors sloped downward. The Consumer goods sector lost – 0.80%, the Industrial sector went down by -0.35% while the Oil & Gas sector declined by -0.34%. Meanwhile, the Banking and Insurance sectors grew by +1.72% and +0.15% respectively.

Overall, the equities market capitalisation of the Nigerian Exchange rose by ₦149.10 billion to close at ₦55.55 trillion. FBN Holdings Rises by 14% to N1.328 Trillion