NGX Gains N1.55tn as Tinubu Pro-Market Agenda Boosts Sentiment
The Nigerian Exchange (NGX) boomed following President Bola Tinubu’s inaugural speech suggesting economic reforms are on the way in Africa’s largest economy by size of gross domestic product.
The market sensitive speech boosted equities investors’ sentiment on the first trading session after the handover, resulting in more than N1.5 trillion gain. Tinubu told Nigerians that the fuel subsidy regime has ended and looks to adopt a market clearing exchange rate.
The domestic bourse rallied for five consecutive trading days. The strong buy pushed market performance indicators upward by 5.38% above the previous week.
Market data from the local bourse showed that year-to-date (YTD) returns tracked high to 8.92%, as investors’ wealth was up by ₦1.55 trillion in the four trading sessions that ended on Friday.
The market index or All-Share Index advanced by 14.57 basis points, representing a rise of +0.03% to close at 55,822.82 points, according to stockbrokers at Atlass Portfolios Limited.
Trading records indicated that the stock market activities increased, as the total volume and total value traded on Friday increased significantly, up by +16.80% and +6.81% respectively.
According to stockbrokers’ reports, approximately 455.76 million units valued at ₦6,117.55 million were transacted in 7,457 deals in the domestics bourse.
FBNH was the most traded stock in terms of volume, accounting for 22.57% of the total volume of trades. The financial services group was followed by ACCESSCORP (12.23%), UBA (10.72%), ZENITH BANK (4.81%), and FIDELITYBK (4.00%) to complete the top 5 on the volume chart.
Market data also indicated that Ticker: FBNH was the most traded stock in value terms, with 22.89% of the total value of trades on the exchange.
STANBIC topped the advancers’ chart with a price appreciation of 10.00 percent each on Friday, trailed by MRS (9.92%), CONOIL (+9.73%), ETERNA (+9.47%), PZ (+8.82%), and twenty-four others.
Twenty-six stocks depreciated, according to Atlass Portfolios Limited where FTNCOCOA was the top loser, with a price depreciation of -9.59% to close at ₦0.66.
UPDC declined by 8.93%, CHAMS slumped by 8.89%, MBENEFIT dipped by 7.69%, and STERLINGNG lost 7.56% of its market valuation. Amidst rallies, the market breadth closed positive, recording 29 gainers and 26 losers.
The Nigerian Exchange indices or sector performance closed positive, as three of the five major market sectors were up, led by the Oil & Gas sector which gained 2.15%.
The index was followed by the Insurance sector, up by 0.38%, and the consumer goods sector which rose by +0.09%, while the Banking and Industrial sectors dropped by -1.55% and -0.05% respectively.
Overall, equities market capitalization surged on Friday by ₦7.94 billion, representing a slight growth of +0.03% to close at ₦30,395.87 trillion. #NGX Gains N1.55trn as Tinubu Pro-Market Agenda Boosts Sentiment. #Geregu Spikes to N772.5bn as Otedola Buys More Shares
