NGX Index Climbs, Market Cap Nears N94trn on Soft Rally
The Nigerian Exchange (NGX) All-Share Index (ASI) climbed by 0.06%, or six basis points, on Tuesday as buying momentum continues but at a slow pace. The market index was up by 50 basis points, and the slowdown in bargain hunting cut across sectoral names.
With year-to-date return climbing to 43.6%, the local bourse key performance indicators were driven north by investors’ interest in some mid- and large-cap companies’ shares.
The market’s upward trajectory despite negative breadth. Today’s gainers include REGALINS (8.82%), PRESTIGE (6.71%), WAPIC (6.45%), LEGENDINT (5.45%) and CWG (4.74%), while losses were recorded for AUSTINLAZ, DEAPCAP and FIDSON (-7.90%), (-6.67%) and (-6.67%), respectively.
The stock market uptrend reflects a continued rotation of funds from the fixed income space into the equities market amid improved investor confidence.
The NGX All-Share Index grew by 89.41 basis points today to close at a fresh all-time high of 147,806.82 points, representing a 0.06% increase from the previous session.
Updated data revealed that stock market capitalisation rose by ₦56.74 billion to settle at ₦93.82 trillion, also marking a 0.06% increase.
Nevertheless, market activities were down today as the total volume and total value of all trades dropped by -57.39% and -37.73%, respectively.
Atlass Portfolio Limited reported that approximately 262.45 million units valued at ₦8,268.28 million were transacted across 16,693 deals.
In terms of volume, FIDELITYBK led the activity chart, accounting for 10.35% of the total volume of all trades closed on the exchange, followed by CHAMS (7.59%), TANTALIZER (7.46%), ACCESSCORP (6.13%), and SOVRENINS (4.42%), rounding out the top five.
MTNN emerged as the most traded stock in terms of value, accounting for 14.23% of the total value of trade on the exchange. REGALINS topped the advancers’ chart with a price appreciation of 8.82 percent, trailed by PRESTIGE (+6.71%), WAPIC (+6.45%), LEGENDINT (+5.45%), CWG (+4.74%), INTBREW (+3.57%) and seventeen others.
Thirty-six stocks were depreciated, stockbrokers reported. AUSTINLAZ was the top loser, with a price depreciation of -7.94%, trailed by FIDSON (-6.67%), BERGER (-5.92%), ELLAHLAKES (-3.46%), DANGSUGAR (-1.64%), and OANDO (-1.23%).
The market breadth closed negatively, recording 23 gainers and 36 losers. In addition, the market sectoral performance was positive today.
The insurance sector grew by +1.01%, followed by the industrial sector with an increase of +0.30%, and the consumer goods sector rose by +0.10%. On the other hand, the banking and oil & gas sectors dropped by -0.37% and -0.09%, respectively. #NGX Index Climbs, Market Cap Nears N94trn on Soft Rally Pound Falls, UK Jobs Data Fuels BoE Rate Cut Expectation
