Market Index Spikes as Nigerian Exchange Gains N14.28bn
The Nigerian Exchange market capitalisation rose further on Friday as equities investors gained more than N14 billion on sustained bargain hunting. Stockbrokers reported that the market index spiked strongly ahead of inflation data for October 2023 set to be released. In the fixed income market, yield tracked lower in the latter part of the week due to buying momentum.
Data from the Nigerian Exchange accessed by MarketForces Africa revealed that stock market key performance indicators advanced following the buying momentum on growth and value stocks. Then, the year-to-date advanced further against annual inflation of 26.72%.
Trading results showed the All-Share Index (NGXASI) close at 70,849.38 points, up 4 basis points from the previous day. This reflects continued investor confidence in the market, stockbrokers at Futureview Financial Services said.
The gains recorded in the market were majorly attributed to continued price appreciation in JAPAULGOLD (+8.20%), FCMB (+9.37%), VFDGROUP (+9.97%), ACCESSCORP (+0.29%), CONOIL (+7.86%), PZ (+9.26%), along with 27 others stocks, collectively propelling the market in an upward direction.
Consequently, the year-to-date return surged to 38.24%. In spite of a sustained bull direction, market activity was negative as volume and value traded decreased by 2.19% and 66.87% to 556.70 million units and ₦5.56 billion, respectively.
“We expect equities to sustain positive sentiment in the coming week amidst continuous improvement in investors’ sentiment”, Futureview said. FCMB gained 9.38%, ETI surged by 3.23%, STERLINGNG advanced by 1.39%, and OANDO did 1.05%. The year-to-date performance of the index maintains its bullish run, recognizing a 38.24% gain, while the monthly return is experiencing a 2.33% improvement.
Meanwhile, CAVERTON, ETRANZACT, and CUTIX fell by 9.52%,-4.43%, and 3.93% respectively. Sectorial performance was slightly bullish as three out of the five sub-sector gauges tracked closed in the green; Banking, Consumer Goods and Oil/Gas increased by 0.03%, 0.05% and 0.86%, respectively.
On the other hand, the Insurance and Industrial Goods indices fell by 0.04% and 0.01%. UBA was the most traded in terms of value, amounting to N1.28 billion. Overall, equities market capitalisation rose slightly by N14.28 billion to close at ₦38.93 trillion on Friday, according to data from the Nigerian Exchange. Oil Prices Rises Above $80 After Pressures
