Equities Investors See N739bn Gain as NGX Hits ATH
Equities investors trading highs and lows on the Nigerian Exchange (NGX) gained more than N739 billion midweek over a sustained puppy rally in the domestic bourse – hitting an all-time high (ATH) performance as market movers shift position.
The local exchange has seen a big bang in 2023 and stockbrokers are anticipating market capitalisation could cross N40 trillion with the current trajectory.
Consolidating on previous days’ rallies, data from the local exchange showed that stock market performance indicators advanced by 1.94%. Bargain hunting in some bellwether stocks drove the exchange higher, AIRTELAFRI, FBNH, CADBURY, and others saw positive price movements amidst earnings release.
Consequently, year-to-date return advanced to +37.72%, standing strongly ahead of an annual inflation rate of 26.72%. Equities investors’ wealth increased by approximately ₦1.90 trillion in three trading days, Atlass Portfolios Limited said in its market update.
According to data obtained from the Nigerian Exchange, the market index or the All-Share Index added 1,345.57 basis points, representing an increase of +1.94% to close at 70,581.76.
In their separate market updates, stockbrokers said trading activities at the exchange inched higher. Data from the local bourse showed that total volume and total value traded increased by +24.51% and +82.25% respectively.
Approximately 601.73 million units valued at ₦11,016.06 million were transacted in 7,444 deals, Atlass Portfolios Limited told investors in its update. UBA was the most traded stock in terms of volume, accounting for 27.70% of the total volume of trades.
The Pan African lender was followed by FBNH (15.78%), GTCO (7.63%), ACCESSCORP (6.12%), and UNIVINSURE (5.79%) to complete the top 5 on the volume chart.
Following strong earnings growth, UBA appeared as the most traded stock in value terms, with 31.55% of the total value of trades on the exchange. AIRTELAFRI topped the advancers’ chart with a price appreciation of 10.00 per cent, trailed by CHAMS (9.91%), UPL (+9.91%), NEM (+9.90%), FBNH (+9.78%), and thirty-two others.
Fifteen stocks depreciated, according to data from the Nigerian Exchange. CAVERTON was the top loser, with a price depreciation of -7.74%.
Others on the losers chart are CHAMPION (-6.85%), UNILEVER (-2.44%), BERGER (-1.52%), DANGSUGAR (-1.51%), and FIDELITYBK (-0.60%). Based on the trading record seen today, the market breadth closed positive, recording 37 gainers and 15 losers. In addition, the market sector performance was positive.
Two of the five major market sectors surged, led by the Insurance sector which grew by +3.73%, and a 2.21% surge in the Banking index. The Consumer goods sector dropped slightly by -0.14% while the Oil & Gas and Industrial sectors closed flat.
Overall, equities market capitalisation increased by ₦739.26 billion, representing a growth of +1.94%, to close at ₦38.77 trillion from ₦38.04 trillion yesterday. #Equities Investors See N739bn Gain as NGX Hits ATH Nigeria’s Top 5 Railway Projects Gulp $26 Billion –Report
