NGX Rises by N94.5bn as Earnings Results Begin to Flow

NGX Rises by N94.5bn as Earnings Results Begin to Flow

The market capitalisation of the equities segment of the Nigerian Exchange (NGX) inched higher by about N95 billion Thursday, reversing the previous day’s loss as listed companies released their second quarter of the financial year 2023 earnings results.

Some unaudited financial statements of listed companies will start popping into the Nigerian Exchange website, stock analysts said the season will boost equities investors’ positioning further.  

On Thursday, FBN Holdings Plc has opened the floor for other banks to release their unaudited financial statement.  Meanwhile, data from the local bourse showed that performance indicators grew by +0.27%, pushing a year-to-date return to about 25% following bargain bunting seeing in 2023.

Stockbrokers at Atlass Portfolios Limited said in an update shared with investors that the market index or All-Share Index advanced by 173.49 basis points, representing an increase of +0.27% to close at 63,930.72.

Due to improved sentiment, market activities improved. Data from the domestic bourse showed that total volume and total value traded for the day increased by +187.01% and +79.21% respectively.

Citing data from the Nigerian Exchange, stockbrokers Atlass Portfolios Limited told investors that approximately 1,358.95 million units valued at ₦18,066.01 million were transacted in 7,179 deals.

UBA was the most traded stock in terms of volume, accounting for 70.77% of the total volume of trades. The Pan African lender was followed by STERLINGNG (3.21%), FBNH (2.97%), JAPAULGOLD (2.65%), and UNIVINSURE (2.58%) to complete the top 5 on the volume chart.

In addition, UBA was also the most traded stock in value terms, with 73.66% of the total value of trades on the exchange.  UPL topped the advancers’ chart for today with a price appreciation of 10.00 percent, trailed by EUNISELL (9.97%), ACADEMY (+9.95%), CHELLARAM (+9.91%), IKEJAHOTEL (+9.38%), and thirty-seven others.

Twenty-one stocks depreciated, where COURTVILLE was the top loser, with a price depreciation of -9.86%, to close at ₦0.64. FTNCOCOA (-9.66%), ABBEYBDS (-9.49%), MAYBAKER (-9.17%), UPDC (-8.55%), and FIDELITYBK (-3.92%) also dipped in price.

At the close of the trading session; market breadth ended the day positive, recording 42 gainers and 21 losers. Also, the market sector performance closed positive.

Trading results from NGX showed that five major market sectors were up, led by the Insurance sector (+1.19%), followed by the Banking sector (+0.59%), the Oil & Gas sector (+0.41%), the Consumer goods sector (+0.30%), and the Industrial sector (+0.01%).

Overall, equities market capitalisation advanced by ₦94.47 billion, representing a growth of +0.27%, to close at ₦34,810.91 trillion from ₦34,716.44 trillion yesterday. #NGX Rises by N94.5bn as Earnings Results Begin to Flow Naira Steadies as Banks Issue Update on FX Purchase