Equities Investors' Wealth Rises by N27bn as NGX Rallies

Stockholders gained about N27 billion in the equities segment of the Nigerian Exchange (NGX) as improved bargain hunting drove prices of some growth, valued stocks higher. Closed in the green, the market performance indicators advanced by +0.07% amidst a projection that the size of the Nigerian Exchange will hit N40 trillion in 2023.

The market has surged significantly, dominated by local investors’ sustained buying interest in growth companies. Then, year-to-date return advanced to about 39%, racing ahead of an inflation rate of 27.33%.

Data from the domestic bourse showed that as of the last trading on Thursday, year-to-date return inched to +38.63%, as investors’ wealth was up by approximately ₦27 billion, Atlass Portfolios Limited told investors.

The investment firm noted that the market index or the Nigerian Exchange All-Share Index) increased by 46.89 basis points, representing a rise of +0.07% to close at 71,050.87.

However, market activities were mixed, stockbrokers told investors in their separate market update. Data from Lagos exchange showed that the total volume traded was up by +31.57%, while the total value traded dropped by -53.32%.

In its market update, Atlass Portfolios Limited said approximately 563.71 million units valued at ₦3,442.05 million were transacted in 6,579 deals. UNIVINSURE was the most traded stock in terms of volume, accounting for 29.24% of the total volume of trades.

The Insurance company followed by VERITASKAP (13.73%), UNITYBNK (4.28%), CHAMS (3.70%), and ZENITHBANK (3.69%) to complete the top 5 on the volume chart.

ZENITHBANK was the most traded stock in value terms, with 20.22% of the total value of trades on the exchange. BETAGLAS topped the advancers’ chart with a price appreciation of 10.00 per cent.

The company was trailed by gains in MULTIVERSE (9.98%), MECURE (+9.97%), ENAMELWA (+9.97%), DEAPCAP (+9.84%), and twenty-nine others. In total, nineteen stocks depreciated, stockbrokers said.

ELLAHLAKES was the top loser, with a price depreciation of -9.89%, as OMATEK (-9.17%), ACADEMY (-5.56%), MCNICHOLS (-5.56%), NPFMCRFBK (-4.11%), and STERLINGNG (-3.85%). Gold Hits $2,008 as US Dollar Weakens

Data from the Nigerian bourse showed that market breadth closed positive, recording 34 gainers and 19 losers. Likewise, the market sector performance was positive. Three of the five major market sectors closed in the green, led by the Insurance sector which grew by (+1.27%), followed by the Industrial sector (+0.04%).

The Banking sector popped up by +0.03% while the Consumer goods sector dropped by 0.05%. The Oil and gas sector closed flat. Overall, the equities market capitalisation edged higher by ₦26.87 billion to close at ₦39.07 trillion from ₦39.05 trillion yesterday.