Market Index Crosses 40% as Nigerian Exchange Booms
The Nigerian Exchange (NGX) equities market index crossed 40% mark on Tuesday due to a solid level of bargain hunting in the local bourse. Alpha seekers trading the highs and the lows found entry points in some stocks with growth potential.
Consequently, market performance indicators inched by +0.33% following investors buying interest in MTNN, and 23 others listed in the domestic bourse. Trading results from Tuesday’s transactions showed that year-to-date return advanced to 40.30%, racing farther ahead of an annual inflation rate of 27.33% as of October 2023.
The market index or All-Share Index increased by 237.35 basis points, representing a rise of +0.33% to close at 71,907.26 points. However, market activities were mixed, Atlass Portfolios Limited said in an update.
Stockbrokers reported that the total volume traded for today dropped by -14.86%. On the other hand, the total value traded increased by +52.54%. According to Atlass Portfolios Limited, approximately 319.56 million units valued at ₦5,877.99 million were transacted in 6,498 deals.
JBERGER was the most traded stock in terms of volume, accounting for 13.33% of the total volume of trades. The construction company’s player was followed by ZENITHBANK (7.20%), FCMB (7.16%), GTCO (6.76%), and ACCESSCORP (5.89%) to complete the top 5 on the volume chart.
Likewise, JBERGER was also the most traded stock in value terms, with 24.90% of the total value of trades on the exchange. INFINITY topped the advancers’ chart with a price appreciation of 10.00 per cent, trailed by SCOA (9.46%), DAARCOMM (+8.82%), ROYALEX (+8.47%), NEIMETH (+7.89%), and nineteen others.
Twenty-four stocks depreciated, data from the Nigerian Exchange showed. GUINEAINS was the top loser, with a price depreciation of -10.00%, as CONOIL (-9.83%), OMATEK (-8.75%), ETERNA (-4.96%), JAIZBANK (-3.23%), and STERLINGNG (-1.01%).
At the end of trading activities, the market breadth closed par, recording 24 gainers and 24 losers. In addition, the market sector performance was negative, as two of the five major market sectors were down.
The Oil & Gas sector declined by -1.03%, and the Insurance sector declined by -1.03%. The Banking sector was up by +0.67%. The Consumer goods and Industrial sectors closed flat.
Overall, equities market capitalisation gained ₦129.87 billion, representing a growth of +0.33%, to close at ₦39.35 trillion from ₦39.22 trillion. Naira Devaluation Deepens Economic Crisis in Nigeria
