NGX Rises to N55.6trn, Gains N10.7trn in 10-Day

The Nigerian Exchange (NGX) hit about N55.6 trillion on Wednesday, apparently its latest all-time high amidst the ongoing boom. The new break is coming after the exchange recorded more than N1.6 trillion daily gain today, pushing total gain over the last 10 days to N10.7 trillion, according to Atlass Portfolios Limited.

Stockbrokers reported that as a result of untamed bargain hunting on listed companies’ stocks with healthy fundamentals, stock market key performance indicators expanded strongly, up by 3.00%. The market’s positive performance advancement was attributed to equities investors’ increased buying interest in some medium and large-scale stocks such as; BUACEMENT, DANGCEM, WAPCO, and others.

Data from the local bourse showed that the market index or All Share Index increased by 2,954.14 basis points, representing a rise of +3.00% to close at a new high of 101,571.11 points. Despite the surge in major indicators, market activities nosedived, according to stockbrokers. Total volume and total value traded declined by 34.65% and -50.62% respectively.

In its market update, Atlass Portfolios Limited told investors that approximately 488.49 million units valued at ₦8,036.74 million were transacted in 12,080 deals. TRANSCORP was the most traded stock in terms of volume, accounting for 19.53% of the total volume of trades.

The conglomerate was followed by UNIVINSURE (9.37%), UNITYBNK (5.62%), JAIZBANK (5.54%), and JAPUALGOLD (5.20%) to complete the top 5 on the volume chart, For today, TRANSCORP was also the most traded stock in value terms, with 19.11% of the total value of trades on the exchange.

WAPIC topped the advancers’ chart with a price appreciation of 10.00 per cent. The Insurer was trailed by gains in BUACEMENT (+9.98%), JAPAULGOLD (+9.91%), UPL (+9.82%), TRIPPLEG (+9.69%), CUTIX (+9.63%), and twenty-eight others.

Thirty-two (32) stocks depreciated, according to a market note reviewed by MarketForces Africa. NEM was the top loser, with a price depreciation of 10.00%. On the loser chart are: CADBURY (-9.96%), HONYFLOUR (-9.67%), CHAMS (-7.81%), NAHCO (-6.59%), and FIDELITYBK (-3.57%). Naira Steadies as Banks Issue Update on FX Purchase

Based on the trading pattern, the market breadth closed slightly positive, recording 34 gainers and 32 losers.  In addition, the market sector performance was positive, as three of the five major market sectors went down. The Industrial sector grew by +7.64 %, followed by a 4.07% gain posted by the Consumer goods sector.

The Oil & Gas sector inched higher by +0.09%. The Insurance and Banking sectors were down by -1.52% and -0.61% accordingly. Overall, equities market capitalisation gained ₦1,616.62 billion, representing a growth of +3.00%, to close at ₦55.58 trillion. #NGX Rises to N55.6trn, Gains N10.7trn in 10-Day