Equities Market Cap Jumps by N313bn to N45.20Trn

Equities market capitalisation inched higher by more than N313 billion on Thursday to N45.2 trillion after large daily gains recorded by investors trading the highs and the lows in the local bourse. Market size had decreased the previous day due to early profit takings.

Data showed that market performance indicators grew by +0.70% amidst an expectation the market capitalisation of the Nigerian Exchange would hit N50 trillion in 2024. In their separate note, stockbrokers said the market’s positive performance was due to investors’ buying interest witnessed across all the major market sectors.

Specific demand for some banking names shares pushed the Banking sector index higher by +2.73%. Due to the strength of the bargain hunting, the market index or All-Share Index increased by 572.66 basis points.

Despite the increase in market cap, activities went down in the local bourse. Total volume and total value traded for decreased by -46.55%, and -43.20% respectively. In its update, Atlass Portfolios Limited told investors that approximately 877.28 million units valued at ₦14,414.38 million were transacted in 14,919 deals.

TRANSCORP was the most traded stock in terms of volume, accounting for 8.53% of the total volume of trades. The conglomerate was followed by STERLINGNG (6.22%), ACCESSCORP (6.20%), AIICO (6.17%), and UBA (5.98%) to complete the top 5 on the volume chart.

ZENITHBANK was the most traded stock in value terms, with 13.74% of the total value of trades on the exchange. GUINEAINS and ROYALEX topped the advancers’ chart with a price appreciation of 10.00 per cent each.

JBERGER trailed these stocks with (+9.92%) growth, CADBURY (+9.77%), TIP (+9.74%), MCNICHOLS (+9.71%), ETERNA (+9.66%), and forty-one others. Twenty-one stocks depreciated, according to a market report. ABBEYBDS and IKEJAHOTEL were the top losers, with a price depreciation of -9.90% each.

Also on the loser chart are HONYFLOUR (-6.41%), LASACO (-5.83%), LINKASSURE (-3.33%), DEAPCAP (-2.17%), and VITAFOAM (-0.21%). Given the trading pattern, the market breadth closed positive, recording 48 gainers and 21 losers. In addition, the market sector performance was positive.

Market data showed that all the five major market sectors were up, led by the Banking sector which grew by +2.73%, followed by the Insurance sector which jumped by +0.51% while the Consumer goods sector popped up by +0.39%.

The Oil and gas sector gained 0.37%, and the Industrial sector rose by +0.22%. Overall, the equities market capitalisation rose by ₦313.39 billion, representing a growth of +0.70%, to close at ₦45.20 trillion. Naira Lost 11% as Banks Issue New Update on FX Spending