Market Index Rises as Nigerian Exchange Records N98bn Gain

The Nigerian Exchange (NGX) market capitalisation jumped by about N98 billion on Friday as bulls maintained dominance in the local bourse. The buying momentum drove the market index higher amidst an expectation of a strong year-end close.

With the trading result, the Nigerian domestic market closed trading activities for the week in the green with a 0.17% surge in key market performance indicators. In its market update, Atlass Portfolios Limited said equities investors’ increased buying interest in some low- and medium-priced stocks.

This bargain hunting on stocks with strong liquidity, and growth potential pushed the local bourse upward for the fifth consecutive weeks. Data from the Nigerian Exchange showed that year-to-date return advanced near 39%, racing ahead of an annual inflation rate of 27.33%.

At the close of the trading session on Friday, year to date return printed higher at 38.98%. Stockbrokers said in their respective reports that the market index or the Nigerian Exchange All-Share Index increased by 179.61 basis points today, representing a rise of +0.25% to close at 71,230.48.

Based on the record, market activities improved, driven by positive sentiment in the local bourse.  Total volume and total value traded on Friday inched higher by +3.38% and +24.07%. Atlass Portfolios Limited said in its market update that approximately 582.77 million units valued at ₦4,270.62 million were transacted in 6,874 deals.

VERITASKAP was the most traded stock in terms of volume, accounting for 18.43% of the total volume of trade. The insurance stock was followed by UNIVINSURE (11.90%), UNITYBNK (7.73%), UBA (5.52%), and JAIZBANK (4.86%) to complete the top 5 on the volume chart.

ZENITHBANK was the most traded stock in value terms, with 18.16% of the total value of trades on the exchange. NSLTECH topped the advancers’ chart with a price appreciation of 10.00 per cent.

The stock was trailed by gains in MECURE (9.90%), NEIMETH (+9.85%), MULTIVERSE (+9.83%), SUNUASSUR (+9.71%), and twenty-eight others. Twenty stocks depreciated, according to data from the Nigerian bourse. ABCTRANS was the top loser, with a price depreciation of -9.68%.

On the loser chart are: CILEASING (-8.98%), CHAMS (-7.73%), ROYALEX (-7.58%), NB (-2.56%), and OANDO (-2.50%). On Friday, the market breadth closed positive, recording 33 gainers and 20 losers.

Even with the positive disposition, the market sector performance was negative, as two of the five major market sectors went downward. The Insurance sector dropped by 0.62%, and the Consumer goods sector slipped by 0.16%, while the Banking sector grew by +1.62%. The Oil & Gas and Industrial sectors closed flat.

Overall, equities market capitalisation surged by ₦97.69 billion to close at ₦39.17 trillion from ₦39.07 trillion yesterday. #Market Index Rises as Nigerian Exchange Records N98bn Gain > Futureview US Dollar Fund Return Hits 7.42%