Market Capitalisation Rises to N37.30trn as NGX Rallies
As a result of sustained rallies, the Nigerian Exchange (NGX) market capitalisation rose to N37.30 trillion on Friday amidst trading activities closing positive. The market rallied following strong positioning in the banking and consumer goods sector.
Barging hunting across these two key market indices pushed the Nigerian Exchange All share index higher by 9 basis points to 68,143.34, according to stock market data. Futureview Financial Services said this helped to partially recover losses from the previous session.
Stockbrokers noted that the day’s favourable performance was driven by investor interest in key stocks, including OANDO (+10%), FCMB (+4.45%), FLOURMILL (+3.17%), NASCON (+2.47%), WAPCO (+2.87%), FBNH (+1.65%), ACCESSCORP (+0.57%), and 23 other stocks.
Consequently, the year-to-date return advanced to 32.96%. In a similar vein, the overall market capitalization saw a 0.09% uptick, closing at N37.30 trillion, resulting in investors’ wealth increasing by N33.51 billion.
Performance across various sectors was positive, as three out of five sectors appreciated. Equities investors’ sentiment has remained positive largely due to the ongoing reforms in the economy.
The Consumer Goods sector took the lead with a 0.18% increase, followed by the Industrial (+0.16%) and Banking (+0.14%) sectors, which also posted gains. Conversely, the Insurance sector was the sole decliner for the day, experiencing a loss of 0.43%, while the Oil and gas sector closed flat.
Market activity varied as volume traded increased by 27.88% to 483.49 million units, while value traded decreased by 0.42% to N8.34 billion. The market breadth, which measures investor sentiment through the Gainers/Losers ratio, increased to 1.76x from 0.87x, as 30 stocks appreciated, 17 stocks depreciated and 67 stocks closed flat.
“We expect the equities market to commence the coming week on a positive note, driven by investors’ positive sentiment”, stock market analysts at Futureview said in an update. #Market Capitalisation Rises to N37.30trn as NGX Rallies