Equities Investors' Wealth Rises by N146bn as NGX Rebounds

The equities segment of the Nigerian Exchange (NGX) rebounded with about N146 billion gain due to positive price movements on stocks that faced sell pressures yesterday. Due to the renewed bull strength, the market index or All-Share Index gained 32 basis points to close at 70,840.72 points from the previous session’s close of 70,612.81 points.

According to stockbrokers, the equities market gained momentum as a result of gains in JAPAULGOLD (2.78%), FBNH (0.25%), MECURE (9.80%) and GTCO (0.83%). Other listed companies that rallied include BUACEMENT (3.34%), ZENITHBANK (2.69%), and 30 other stocks.

Also, share prices of NNFM jumped by 10%, MECURE gained 9.98%, CILEASING rose by 9.87%, LIVINGTRUST popped higher by 9.96% and MEYER also did 9.96%. Following the rebounds, stockbrokers reported that the year-to-date return surged to 38.22, racing near a 40% benchmark amidst high inflation rate expectations.

Data from the local bourse indicated that market activity was negative as volume and value traded decreased by 30.98% and 56.54% to reach 327.43 million units and ₦3.37 billion, respectively. On Tuesday, the total volume traded decreased by 31.0% to 327.43 million units, valued at N3.37 billion, and exchanged in 6,533 deals.

JAPAULGOLD was the most traded stock by volume at 44.70 million units, while UBA was the most traded stock by value at N555.02 million. Topping the loser chart were: REDSTAREX (-9.8%) and FTNCOCOA (-9.3%). NGX sectorial performance was mixed. Industrial Goods gained 1.4%, Banking popped higher by 0.7% and Insurance advanced by 0.2%. 

On the other side, the Oil & Gas dropped by 0.9% and Consumer Goods shed 0.1%. As measured by market breadth, market sentiment was positive (2.2x), as 35 tickers gained relative to 16 losers.  FTNCOCOA was the most traded security in terms of volume with 44.70 million units worth N82.77 million traded, changing hands in 400 deals. Naira Devaluation Deepens Economic Crisis in Nigeria

Overall, equities market capitalisation jumped by N145.51 billion to close at ₦38.94 trillion.