NGX Crosses N38T as Equities Investors Gain N618bn
Nigerian Exchange (NGX) equities market capitalisation crossed N38 trillion as investors recorded about N618 billion gain on Tuesday due to positive price movements. A sustained bullish run lifted the exchange to its biggest level amidst the third quarter of the financial year earnings release.
Stockbrokers at Atlass Portfolios Limited said the daily jump saw activity level as the highest ever. “The equity market closed trading activities for today bullish, hitting its highest level ever, as the market”, the firm said in its market update. As a result of the positive sentiment, key indicators surged by +1.65%.
Stock analysts attributed the strong rally to an improved sentiment as equities investors increased buying interest in some medium and large-scale stocks. Major market movers that rallied on Tuesday included AIRTELAFRI, FBNH and UBA, supported by other lightweight.
Surging interest in the local stocks pushed a year-to-date return to +35.09%, as investors’ wealth was up by approximately ₦1.15 trillion in two days, Atlass Portfolios said. At the close of trading sessions, the market index or the Nigerian Exchange All-Share Index added 1,124.48 basis points, representing an increase of +1.65% to close at 69,236.19.
However, market activities were mixed, according to brokers’ market reports obtained from the local exchange. Total volume traded for increased by +12.29%.
Meanwhile, the total value traded declined by 26.80%. Approximately 483.27 million units valued at ₦6,044.48 million were transacted in 8,027 deals, stockbrokers said, citing data from the domestic bourse.
JAPAULGOLD was the most traded stock in terms of volume, accounting for 32.20% of the total volume of trades. The company was followed by UBA (7.02%), ZENITHBANK (6.19%), ACCESSCORP (5.68%), and CHAMS (4.66%) to complete the top 5 on the volume chart.
ZENITHBANK was the most traded stock in value terms, with 16.49% of the total value of trades on the exchange. AIRTELAFRI topped the advancers’ chart with a price appreciation of 10.00 per cent.
Other stocks on the gainers’ chart include CADBURY (9.92%), NNFM (+9.92%), CHAMS (+9.90%), ABCTRANS (+9.72%), and thirty-five others. Twenty-five stocks depreciated, where BETAGLAS was the top loser, with a price depreciation of -9.93%, as UPL (-9.79%), ELLAHLAKES (-9.56%), MCNICHOLS (-6.56%), VFDGROUP (-6.05%), and HONYFLOUR (-2.82%) also dipped in price.
Given the trading pattern, the market breadth closed positive, recording 40 gainers and 25 losers.
Also, the market sector performance was positive. Trading results showed that three of the five major market sectors were up. The indexes was led by the Insurance sector which grew by +1.87%, followed by the Banking sector which popped up by +0.94%. The Industrial sector advanced by +0.09% while the Consumer goods sector dropped slightly by -0.02%. The Oil & Gas sector closed Flat.
Overall, equities market capitalisation surged by ₦617.79 billion, representing a growth of +1.65%, to close at ₦38.04 trillion from ₦37.42 trillion yesterday. #NGX Crosses N38T as Equities Investors Gain N618bn Investors Stake N653bn on Nigerian Sukuk -DMO