NGX Skyrockets, Return Spikes, All-Share Index Hits 14-Year High

NGX Skyrockets, Return Spikes, All-Share Index Hits 14-Year High

The Nigerian Exchange, NGX, skyrockets further midweek as market return spikes to 17.34% while the All-share Index hits fourteen years (14-year) high as demand for industries heavy weight stock helped drive momentum.

Today’s equity market valuation jump consolidates April rallies when the local bourse recorded 15 days gaining streaks out of 19 trading sessions. In its market report, Atlass Portfolios Limited said the Nigerian market opened the month of May on a high note, extending the bullish trend to fifteen consecutive trading sessions.

Due to heavy buying interest, the Nigerian Exchange All-share index (NGX-ASI) has crossed 50,000 points, the highest in 14 years, according to stock traders at Atlass Portfolios Limited.

Market data shows that the All-Share Index rose by 487.47 basis points representing a 0.98 per cent growth, closed at 50,126.41. Midweek data shows that the equity market capitalisation advanced by ₦262.89 billion, representing an uptrend of 0.98 per cent to close at ₦27.02 trillion.

However, stockbrokers said the market activities were bearish, as the total volume and value dipped significantly by 89.55 per cent and 80.19 per cent, respectively. About 669.30 million units valued at ₦5.99 billion were transacted in 7,251 deals on Wednesday, according to data from the Nigerian Exchange cited by stockbrokers. 

UBN emerged as the most traded stock in terms of volume, accounting for 39.39 per cent of the total volume of trades. The tier-2 bank stock was followed closely by TRANSCORP (11.06%), AIICO (4.64%), CHAMS (4.32%), and ACCESSCORP (3.56%) to complete the top five on the volume chart.

Also, UBN appeared as the most traded stock in value terms, with 27.73 per cent of the total value of trades on the exchange, market data shows. On the profitability chart, WEMBANK and OKOMUOIL topped the advancers’ list with price appreciation of 10.00 per cent each.

They were followed closely by NB (9.98%), PRESCO (9.97%), INTBREW (9.80%), BUACEMENT (8.16%), GUINNESS (7.53%), VITAFOAM (3.09%), UNILEVER (2.94%), STANBIC (2.68%), GLAXOSMITH (0.85%), STERLNBANK (0.65%) and nineteen (19) others.

Conversely, twenty-seven (27) stocks depreciated, topped by OANDO with a price depreciation of 10.00 per cent to close at ₦5.67. LIVESTOCK’s share price dipped by 5.17%, FIDELITYBK lost 2.63%, UBA fell 2.42% and selloff knocked off 1.67% from WAPCO valuation.

ZENITH BANK shrank by 1.43% as ACCESSCORP share price was price down by 1.03% even FBNH shed 0.83% of its market share price.  NGXGROUP dropped off 0.83%, HONYFLOUR lost 0.54% and GTCO share price pulled back 0.21%.

Overall, the market breadth was positive, recording 31 gainers and 27 losers while sectoral performance closed on a negative note. READ: Yield on T-Bills Spikes, Bond Slides Small as Naira Falls

Market data shows that three of the five sectors closed bearishly compared to the previous session, led by Insurance (-3.77%), Oil & Gas (-1.37%) and Banking (-0.98%). The  Consumer and Industrial goods sectors rose by 3.30% and 2.97%, respectively. #NGX Skyrockets, Return Spikes, All-Share Index Hits 14-Year High