NGX Gains N25bn, Market Cap Crosses N39T
The Nigerian Exchange (NGX) popped higher on Thursday amidst a prediction that the local bourse would hit N40 trillion before the year runs out. Yesterday, the equities market capitalisation crossed N39 trillion as investors continue to engage in share buying amidst uncertainties in the economy.
The domestic exchange has been on a positive trajectory for five consecutive trading days. The trend helped push market performance indicators up by +0.07% on Thursday.
Consequently, year-to-date returns advanced to 38.18% following sustained bargain hunting in the local exchange.
According to data from NGX, the market index or the All-Share Index increased by 46.27 basis points, representing an increase of +0.07% to close at 70,819.58.
Stockbrokers reported in the market updates market activities gained further traction due to improvement sentiment. The total volume and total value traded for increased by +1.94% and +71.44% respectively, Atlass Portfolios Limited said in its report.
Stockbrokers at the firm added that approximately 569.19 million units valued at ₦16,790.86 million were transacted in 6,169 deals.
JAPAULGOLD was the most traded stock in terms of volume, accounting for 20.05% of the total volume of trades. The company was followed by STANBIC (17.05%), UBA (13.23%), FBNH (7.50%), and FIDELITYBK (6.10%) to complete the top 5 on the volume chart.
Based on its size advantage, STANBIC was the most traded stock in value terms, with 40.38% of the total value of trades on the exchange.
UPDC topped the advancers’ chart for with a price appreciation of 9.91 per cent, trailed by MECURE (9.85%), SCOA (+9.73%), JAPAULGOLD (+9.58%), UACN (+8.47%), and twenty others.
Twenty-seven stocks depreciated, according to trading results from the Nigerian Exchange. VFDGROUP was the top loser, with a price depreciation of -10.00%.
Trailing the losing pack are: MULTIVERSE (-9.38%), REGALINS (-8.57%), NGXGROUP (-4.20%), NASCON (-2.71%), and ZENITHBANK (-0.45%).
Data from the exchange indicated that the market breadth closed negative, recording 25 gainers and 27 losers. Nonetheless, the market sector performance closed negative.
Three of the five major market sectors slide, led by the Insurance sector which dropped by (-1.05%), followed by the Consumer goods sector (-0.06%), and the Industrial sector (-0.02%).
On the other hand, the Banking sector grew by +0.21%. The Oil & Gas sector closed flat. Overall, equities market capitalisation gained ₦25.43 billion to close at ₦38.91 trillion from ₦38.89 trillion the previous day. Court Deletes Laws Denying Tax Debtor’s Right of Appeal
