NGX Rises by N534bn as Banking Index Spikes
The equities segment of the Nigerian Exchange (NGX) popped higher at the beginning of the week as investors continue to take position ahead of the second quarter earnings season. The bullish momentum was driven by positive sentiment on the local bourse dividend aristocrats, under value stocks.
Data from the exchange showed that key performance indicators improved further after N2.8 trillion capital appreciation was recorded by the local bourse in June 2023.
Now, the year to date has weighted strongly against the average inflation rate in Africa’s largest economy by size of gross domestic products, providing a solid hedge against the worsening price index for local investors.
The Nigerian Exchange’s year-to-date return surged to 20.87% following sustained improvement in the market index or the All-Share Index. Specifically, the NGXASI increased by 980.97 basis points to close at 61,949.24 points at the close of the trading session.
However, market activities were mixed, as the total volume traded for the day was up by +20.78%, while the total value traded for the day dropped by -12.01%.
In its market note, Atlass Portfolios Limited said approximately 1,205.49 million units valued at ₦14,039.72 million were transacted in 12,128 deals. FCMB was the most traded stock in terms of volume, accounting for 14.42% of the total volume of trades.
The tier-2 lender was followed by UBA (13.33%), ACCESSCORP (11.00%), JAIZBANK (6.69%), and TRANSCORP (6.22%) to complete the top 5 on the volume chart.
ACCESSCORP was also the most traded stock in value terms, with 16.98% of the total value of trades on the exchange. ETERNA, FIDELITYBK, JAPAULGOLD, LINKASSURE, MEYER, and UPL topped the advancers’ chart with a price appreciation of 10.00 percent each.
These stocks were trailed by TRANSCORP (9.97%), ACCESSCORP (+9.94%), ETRANSACT (+9.92%), NCR (+9.90%), and fifty-eight others.
Fourteen stocks depreciated. TRIPPLEG was the top loser, with a price depreciation of -9.87% to close at ₦3.38. CORNERST dipped by 9.09%, JBERGER declined by 3.23%, NEM fell by 3.13%, CUTIX went down by 2.96% and NGXGROUP lost 1.71% of its market price.
In spite of these, the market breadth closed positive, recording 68 gainers and 14 losers while sectoral performance improved, led by a sharp gain in the banking index.
The Banking sector surged by 6.78% followed by the Insurance sector which gained 1.84%, the Oil & Gas sector popped up by 1.50% the Consumer goods index rose by 0.52% and the Industrial sector jumped by 0.04%
Overall, equities market capitalisation inched higher by ₦534.01 billion, representing a growth of +1.61%, to close at ₦33,731.84 trillion from ₦33,197.83 trillion last week Friday. #NGX Rises by N534bn as Banking Index Spikes Nigerian Treasury Bills Yield Rises to 7%