The Nigerian Exchange (NGX) hit a new all-time high on record on Friday following equities investors' reactions to the inflation surge. Following a sustained rally in the local bourse, key performance indicators increased by +0.12%.

The equities segment of the Nigerian Exchange (NGX) gained more than N93 billion on Wednesday amidst increased bargain hunting on stocks with strong fundamentals and liquidity.

The local bourse has been spinning money for well-positioned equities investors more than any investment window currently despite yield repricing in the fixed income market.

Data from the exchange showed that NGX performance indicators advanced with year-to-date return rising to about 38.6% versus an annual inflation rate of 27.33% for October 2023 reading.

Stockbrokers reported in their updates that year-to-date return advanced to 38.56% after midweek buying interest that drove equities market cap higher.

In its market update, Atlass Portfolios Limited reported that the All-Share Index increased by 137.99 basis points today, representing an increase of +0.19% to close at 71,014.34.

However, stock market activities were mixed as Nigeria’s inflation surge triggered concerns across Broadstreet. The total volume traded for today dropped by -9.19%, while the total value traded increased by +82.89%.

Approximately 297.35 million units valued at ₦6,161.11 million were transacted in 6,172 deals, Atlass Portfolios Limited said in its market update sent to investors via email on Wednesday.

OANDO was the most traded stock in terms of volume, accounting for 9.41% of the total volume of trades, followed by AIICO (7.75%), JAPAULGOLD (6.86%), TRANSCORP (4.89%), and CHIPLC (4.77%) to complete the top 5 on the volume chart.

NESTLE was the most traded stock in value terms, with 38.05% of the total value of trades on the exchange. OANDO and OMATEK topped the advancers’ chart with a price appreciation of 10.00 percent each.

The duo were trailed by MECURE (9.92%), CILEASING (+9.87%), MEYER (+9.73%), FTNCOCOA (+9.64%), and thirty-three others.  Nineteen stocks depreciated, stockbrokers said, citing data from the Nigerian Exchange.

SCOA was the top loser, with a price depreciation of -9.68%. On the loser chart are: CORNERST (-4.83%), CADBURY (-4.17%), FIDELITYBK (-2.22%), ZENITHBANK (-1.89%), and TRANSCORP (-0.65%).

Following the trading pattern, the market breadth closed negative, recording 39 gainers and 19 losers. On the other hand, the market sector performance closed positive.

Three of the five major market sectors closed in the green, led by the Industrial sector (+0.81%), followed by the Consumer goods sector (+0.13%), and the Oil and Gas sector (+0.01%).

The Insurance and Banking sectors dropped by -0.79% and -0.76% respectively. Overall, the equities market capitalisation increased by ₦93.48 billion to close at ₦39.05 trillion from ₦38.96 trillion the previous day. Naira Devaluation Deepens Economic Crisis in Nigeria

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