NGX Roars as Inaugural Speech Boosts Confidence

NGX Roars as Inaugural Speech Boosts Confidence

The equities segment of the Nigerian Exchange (NGX) recorded a higher daily gain of more than N1.5 trillion on Tuesday amidst renewed optimism in the local economy.

Market, investors’ confidence was boosted following President Bola Ahmed Tinubu’s commitment to jump-start the economy through measures such as the removal of fuel subsidies and the unification of exchange rates.

Consequently, investors hunting for growth, value stocks in the local bourse. The higher record for equities demanded pushed key performance indicators up by +5.23%.

Stockbrokers said today’s record gain is the highest daily since 12th, November 2020 when it grew by +6.23%, according to stockbrokers at Atlass Portfolios Limited.

As a result, year-to-date returns to 8.77% while the market index or All-Share Index (ALSI) added 2,771.86 basis points today to close at 55,745.74.

Market data showed that activities jumped as the total volume and total value traded for the day increased by +133.49% and +106.07% respectively. Approximately 1,078.23 million units valued at ₦15,799.46 million were transacted in 9,916 deals.

ACCESSCORP was the most traded stock in terms of volume, accounting for 12.53% of the total volume of trades. The Nigerian largest bank was followed by FBNH (11.87%), TRANSCORP (8.88%), UBA (7.61%), and GTCO (7.09%) to complete the top 5 on the volume chart.

Also, ACCESSCORP was also the most traded stock in value terms, with 15.48% of the total value of trades on the exchange.

ETERNA, FCMB, JAIZBANK, NB, TRANSCOHOT, DEAPCAP, STERLINGNG, and ZENITHBANK topped the advancers’ chart with a price appreciation of 10.00 percent each. These stocks were trailed by CONOIL (9.91%), AFRIPRUD (9.91%), GLAXOSMITH (+9.87%), CWG (+9.80%), and fifty-two others.

Eleven stocks depreciated, where IKEJAHOTEL was the top loser, with a price depreciation of -10.00% to close at ₦2.16, as NCR (-9.80%), TANTALIZER (-8.00%), CHIPLC (-6.56%), and ROYALEX (-2.22%) also dipped in price.

Today, the market breadth closed largely positive, recording 64 gainers and 11 losers. As expected, the Nigerian Exchange’s sectors performance closed positively.

Stockbrokers said all the five major market sectors were up, led by the Banking sector (+8.20%), followed by the Consumer goods sector (+6.48%), the Industrial sector (+6.08%), the Oil & Gas sector (+4.04%), and the Insurance sector (+2.29%

Overall, equities market capitalisation increased by ₦1,509.30 billion to close at ₦30,353.90 trillion from ₦28,844.60 trillion last Friday. #NGX Roars as Inaugural Speech Boosts Confidence

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