Investors Gain N532bn as NGX Halts Downtrend

Investors Gain N532bn as NGX Halts Downtrend

Equities investors gain more than N532 billion on Thursday as Nigerian Exchange halts the downtrend after losing streaks. The renewed bullish performance came as investors take positions in Airtel Africa and BUA Foods among others.

Today’s rally lifted market performance indicators up by 2.03% while year-to-date return advanced, though still below the headline inflation rate. The Nigerian Exchange (NGX) All-Share Index inched higher by 986.541 basis points, representing a rise of 2.03 per cent to close at 49,661.87 points.

After staying quiet for a while, Airtel Africa shares appreciate by +7.1%, supported by a 3.3% gain in BUAFOODS among others. The fresh bargain hunting pushed the stock market’s year-to-date gain to +16.3%. 

Market data shows that the total volume traded increased by 35.2% to 226.47 million units, valued at N2.76 billion, and exchanged in 3,515 deals. MBENEFIT was the most traded stock by volume at 74.54 million units, while MTNN was the most traded stock by value at N505.04 million. 

On sectorial performance, the Consumer Goods jumped higher by 0.8%, Oil & Gained 0.7% while Insurance index was up 0.4% and moderate gain of 0.2% was seen in banking index.  Meanwhile, the Industrial Goods index closed flat. READ: Naira Appreciates as FX Reserve Halts 16 Weeks Decline

Data from the Nigerian bourse shows that market sentiment was positive (1.6x) as 18 tickers gained relative to 11 losers. Despite gains in market movers, CWG recorded a higher daily gain of 10.0%.

The company was followed closely by LEARNAFRCA with 9.8% share price appreciation, which topped the gainers’ list. On the other side of the divide, Mutual Benefits Assurance (Ticker: MBENEFIT) lead the loser’s pack as the share price was priced down by 9.7% while HONYFLOUR declined by 8.4%.

Overall, the equities segment of the Nigerian Exchange sees a N532.11 billion gain, lifting market capitalization to ₦26.79 trillion, 2.03% above ₦26.25 trillion reported yesterday.

# Investors Gain N532bn as NGX Halts Downtrend

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