NGX Rises by N30bn Ahead of Election Tribunal Ruling
Nigerian Exchange (NGX) rose by more than N30 billion on Tuesday ahead of the presidential election tribunal ruling scheduled for Thursday. Dangote Sugar and BUA Foods have become a new bride on the local exchange having extended bull runs.
Key performance indicators were pushed upward as a result of bargain hunting on the consumer goods index –majorly. Consequently, the NGX All-share index or market index closed higher by 8 basis points to 68,334.68 index points.
Also, the stock market’s year-to-date return jumped farther ahead of the annual inflation rate as Nigeria’s bourse emerged as top-performing among emerging market peers.
According to data from the local exchange, year-to-date return rose to 33.33%. Data from the local bourse showed that activity levels slowed down. Total volume and total value traded for the day dropped by -34.04% and -21.70% respectively.
Atlass Portfolios Limited said in its market update that approximately 557.85 million units valued at ₦10,210.29 million were transacted in 9,818 deals.
UBA was the most traded stock in terms of volume, accounting for 11.38% of the total volume of trades. The tier-1 banking stock was followed by OANDO (11.01%), FIDELITYBK (10.45%), ACCESSCORP (7.57%), and TRANSCORP (7.31%) to complete the top 5 on the volume chart.
Meanwhile, GTCO was the most traded stock in value terms, with 14.98% of the total value of trades on the exchange. MULTIVERSE, OMATEK, BETAGLAS, and SUNUASSUR topped the advancers’ chart with a price appreciation of 10% apiece.
These stocks were trailed by OANDO (9.84%), CWG (+9.75%), ABCTRANS (+8.65%), TANTALIZER (+8.33%), and twenty-two others. Stockbrokers reported that thirty-one stocks depreciated, where NSLTECH was the top loser, with a price depreciation of -10.00%, to close at ₦0.27.
IKEJAHOTEL lost 9.68%, according to trading data from the local exchange. NEIMETH share price declined by 8.93%. TRANSCORP gave up 6.52% of its market valuation. FBNH dipped by 5.05% and FLOURMILL slumped by 4.91%.
Amidst the bargain hunting, the market breadth closed negative, recording 30 gainers and 31 losers. Also, the market sector performance closed par, as two of the five major market sectors were up,
The Consumer goods sector (+1.98%) and Industrial sector (+0.03%), while the Banking and Insurance sectors were down by -0.60% and -0.11% respectively. The Oil & Gas closed unchanged.
Overall, equities market capitalisation advanced by ₦30.39 billion, representing a growth of +0.08%, to close at ₦37,400.05 trillion from ₦37,369.66 yesterday. #NGX Rises by N30bn Ahead of Election Tribunal Ruling
