NGX Index Rises, Market Return Races Toward Inflation

NGX Index Rises, Market Return Races Toward Inflation

The Nigerian stock market maintains its uptrend over sustained buying interest spurred by improved sentiment. Data from the local bourse showed that the equity market closed trading activities positively Wednesday, resulting in a push on year-to-date return.

The Nigerian Exchange saw an increase in all share index and market capitalisation expended over investors’ rush to take the front seat ahead of the second-quarter earnings season. At 15.75%, the year-to-date return is racing toward an inflation rate faster that rates in the fixed income market despite high interest, as investors.

Equities investors gained ₦116 billion as the market index or All-Share Index advanced by 213.93 basis points, representing an increase of +0.36% to close at 59,323.95. However, market activities were mixed, as the total volume traded for the day increased by +9.20%, while the total value traded dropped by -31.84%.

In its market report, Atlass Portfolios Limited said approximately 643.03 million units valued at ₦6,107.98 million were transacted in 7,806 deals. In the market, UNIVINSURE was the most traded stock in terms of volume, accounting for 22.05% of the total volume of trades.

The Insurance stock was followed by GTCO (7.00%), JAPAULGOLD (5.88%), UBA (4.94%), and ACCESSCORP (4.28%) to complete the top 5 on the volume chart. Due to its size, GTCO was the most traded stock in value terms, with 23.61% of the total value of trades on the exchange.

AFROMEDIA topped the advancers’ chart for today with a price appreciation of 10.00 percent, trailed by ETRANSACT (9.91%), FTNCOCOA (+9.88%), NEIMETH (+9.88%), UNITYBNK (+9.76%), and thirty-eight others.

Twenty-five stocks depreciated, where JAIZBANK was the top loser, with a price depreciation of -10.00% to close at ₦1.53. MEYER (-9.88%), IKEJAHOTEL (-9.86%), TANTALIZER (-9.09%), CADBURY (-9.04%), and INTENEGINS (-8.23%) also dipped in price.

Thus, market breadth closed positive, recording 43 gainers and 25 losers.

Also, the market sector performance closed positive, as three out of the five major market sectors were up, led by the Insurance sector (+1.93%), followed by the Oil & Gas sector (+1.41%), and the Industrial sector (+1.84%).

Meanwhile, the Banking and the Consumer goods sectors dropped by -0.60% and -0.11% respectively. Overall, the stock market gained ₦116.49 billion to close at ₦32,302.18 trillion from ₦32,185.69 trillion the previous day.

#NGX Index Rises, Market Return Races Toward Inflation  Nigerian Treasury Bills Yield Rises to 7%