Equities Investors See N18bn Gain as Banking Index Jumps
The Nigerian Exchange (NGX) market capitalisation jumped by about N18 billion due to solid positioning in banking and consumer goods stocks. Data from the local bourse showed that trading activities were positive with more buying interest in growth stocks which pushed performance indicators up by 0.05%.
Racing ahead of an annual inflation rate of 25.8%, the stock market year-to-date return inched to 30.99%, as investors’ wealth was up by approximately ₦18 billion, according to Atlass Portfolios Limited. Amidst macroeconomic uncertainties, interest in Nigerian stocks has been on the uptrend.
Market capitalisation as a percentage of gross domestic products has also increased significantly in less than two years despite large foreign portfolio investors exiting from the local exchange as a result of the previous administration’s capital control measures.
Yesterday, stockbrokers said in their separate notes that the market index or the Nigerian Exchange All-Share Index increased by 32.70 basis points, representing a rise of +0.05% to close at 67,133.19.
However, trading records showed that market activities were mixed, as the total volume traded for the day dropped by -24.61%, while the total value traded jumped by +1.99%. Approximately 309.32 million units valued at ₦4,545.41 million were transacted in 5,588 deals, stockbrokers said citing data from the local exchange.
FIDELITYBK was the most traded stock in terms of volume, accounting for 20.00% of the total volume of trades. The Tier-2 bank was followed by ACCESSCORP (17.64%), UBA (9.33%), ZENITHBANK (6.63%), and TRANSCORP (4.18%) to complete the top 5 on the volume chart.
Meanwhile, ACCESSCORP was the most traded stock in value terms, with 18.93% of the total value of trades on the exchange. THOMASWY topped the advancers’ chart for today with a price appreciation of 9.79 per cent, trailed by COURTVILLE (8.77%), DEAPCAP (+8.00%), AFRIPRUD (+7.69%), UNILEVER (+6.04%), and seventeen others.
Nine stocks depreciated, according to stockbrokers. CORNERST was the top loser, with a price depreciation of -6.06%. MANSARD went down by 3.61%, REGALINS lost 2.86% UCAP slipped by 2.07%) TRANSCORP share price dropped by 2.02% and FLOURMILL market valuation fell by 1.23%.
Given the trading patterns, the market breadth was slightly positive, recording 22 gainers and 9 losers while the market sector performance also closed positive. Naira Devaluation Deepens Economic Crisis in Nigeria
Stockbrokers at Atlass Portfolios Limited told investors that two of the five major market sectors closed in the green. These sectors’ players were led by the Banking sector, which grew by 0.94%, and the 0.07% surge in the Consumer goods index.
The Insurance sector was down by -1.80%. The Oil and Gas and Industrial sector closed flat. Overall, equities market capitalisation advanced by ₦17.97 billion, representing a growth of +0.05%, to close at ₦36.88 trillion from ₦36.86 trillion yesterday.
