NGX Maintains Uptrend after Market Sensitive Speech
The equities segment of the Nigerian Exchange (NGX) consolidated gains, up by about N17 billion on Wednesday, after a market sensitive inaugural speech made by President Bola Ahmed Tinubu.
On Tuesday, equities investors saw more than N1.5 trillion capital gain, the highest daily increase since November 2020 due to increased positioning on growth stocks. In part, buying momentum was driven by interest in financial services stocks.
There were price actions across key indices while a flood of money flew into the equity space while the fixed income market also retains its bullish trend.
Today, trading activities closed positively. Market performance indicators increased by +0.06% despite pressures over fuel price scarcity emanating from hoarding on an expectation of price adjustment.
Data from the local bourse shows that year-to-date return printed higher at +8.82%, as investors’ wealth jumped by about ₦17 billion today. The market index or All-Share Index surged by 30.93 basis points, representing a rise of +0.06% to close at 55,769.28.
However, market activities were mixed, as the total volume traded for the day dropped by -38.65%, while the total value traded increased by +20.25%.
Stockbrokers at Atlass Portfolios Limited said in its market report that approximately 661.51 million units valued at ₦18,998.23 million were transacted in 10,024 deals.
ACCESSCORP was the most traded stock in terms of volume, accounting for 14.94% of the total volume of trades. The Nigerian largest lender was followed by UBA (13.65%), ZENITHBANK (6.74%), GTCO (5.99%), and STERLINGNG (5.17%) to complete the top 5 on the volume chart.
Stockbrokers’ market reports showed that GEREGU was also the most traded stock in value terms, with 51.37% of the total value of trades on the exchange.
JAIZBANK and VERITASKAP topped the advancers’ chart with a price appreciation of 10.00 percent each. The financial stocks were trailed by CONOIL (9.96%), MRS (9.93%), NEIMETH (+9.87%), BERGER (+9.78%), and twenty-three others.
Thirty-nine stocks depreciated, where NASCON was the top loser, with a price depreciation of -9.79% to close at ₦15.20. GLAXOSMITH lost 9.58%, CHIPLC declined by 8.77%, UCAP fell by 8.28%, and WEMABANK dropped 8.05% of its market valuation.
Despite the gain recorded, the market breadth closed negative, recording 29 gainers and 39 losers.
NGX sector performance closed negative, as three out of the five major market sectors were down, led by the Insurance sector (-2.52%), followed by the Banking sector (-2.46%), and the Industrial sector (-0.19%).
Meanwhile, the Consumer goods and Oil & Gas sectors advanced further by +2.08% and +1.63% accordingly. Overall, equities market capitalisation rose by ₦16.85 billion to close at ₦30,366.72 trillion from ₦30,349.87 trillion yesterday. # NGX Consolidates Gain after Market Sensitive Speech
