Nigerian Bourse Rallies after Dirty October
The equities segment of the Nigerian Exchange (NGX) records gains on Wednesday, recovering from selling rallies and a dirty October when the local bourse lost N2.6 trillion. Then, key performance indicators plunged, and year to date return lowered.
In the last five months, the stock market has been bleeding amidst portfolio reshuffles due to interest rate hikes booked by the Monetary Policy authority as part of efforts to combat the inflation rate.
There were significant selloffs in Airtel Africa shares, and Dangote has its share of bearish trades that span five whole months.
Today, trading data from the local bourse shows that the bulls resurfaced in the market as bargain hunting in DANGCEM (+8.8%) drove the All-Share Index 1.2% higher to 44,283.02 points.
Consequent to renewed bargain hunting in the local bourse today, the month-to-date and year-to-date returns printed +1.0% and +3.7%, respectively, according to stockbrokers’ market reports.
The total volume traded declined by 10.1% to 155.41 million units, valued at N1.53 billion, and exchanged in 3,796 deals. STERLNBANK was the most traded stock by volume at 24.28 million units, while MTNN was the most traded stock by value at N238.86 million.
On sectoral performance, the Insurance (-1.1%), Banking (-0.9%), and Consumer Goods (-0.2%) indices recorded losses, while the Industrial Goods (+4.0%) and Oil & Gas (-0.2%) indices posted gains.
As measured by market breadth, market sentiment was negative (0.4x) as 22 tickers lost relative to 9 gainers. MRS (-9.7%) and TRANSEXPR (-9.3%) recorded the most significant losses of the day, while DANGCEM (+8.8%) and CHAMS (+4.4%) topped the gainers’ list.
Overall, the stock market capitalisation inched higher by ₦292.65 billion, representing a rise of 1.23% to close at ₦24.12 trillion from ₦23.83 trillion yesterday. # Nigerian Bourse Rallies after Dirty October