Nigerian Exchange Booms as Stocks Begin to Laying Golden Eggs
The equities segment of the Nigerian Exchange (NGX) appreciates significantly on Monday as the stocks with healthy fundamental and earnings profiles continue to lay golden eggs.
The recent rally that started in November 2022 has seen market capitalisation crossing the N26 trillion mark again – a reversal of previous selling rallies in the local bourse. The Nigerian Exchange All-share index opens positive on Monday as investors see another large gain in the first trading session.
There was noticeable buying interest across stock market indices except banking, pushing a year-to-date return to 13%, though still trailing Nigeria’s headline inflation rate. READ: Stock Market Booms On Healthy Buying Interest
According to data from the local bourse, the Nigerian Exchange All-share index increased by 115.58 basis points to close at 48,270.23 points amidst an expectation that the market could close at 50,000 points in 2022.
At the close of the trading session today, market capitalisation appreciated by ₦62.95 billion, representing a rise of +0.24% to close at ₦26,291.49 trillion from ₦26,228.54 last Friday.
However, market activities were mixed, as the total volume traded for the day surged by +303.57%, while the total value traded for the day fell by -16.95%, Stockbrokers at Atlass Portfolios said in a market report.
Market data indicates that approximately 645.03 million units valued at ₦4,190.07 million were transacted in 3,486 deals. FBNH was the most traded stock in terms of volume, accounting for 45.26% of the total volume of trades.
It was followed by ZENITH BANK (6.22%), TRANSCORP (5.65%), GTCO (4.46%), and WAPCO (3.72%) to complete the top 5 on the volume chart. FBNH ranked as the most traded stock in value terms, with 35.72% of the total value of trades on the exchange.
GUINNESS topped the advancers’ chart with a price appreciation of 10.00 percent.
On the gainers’ chart, ETERNA popped by 8.78%, ROYALEX surged by 8.33% and LINKASSURE did a 7.50% gain. PRESCO’s share price increased by 6.64% in addition to fourteen others that witnessed buying interest from investors in the local bourse.
On the other hand, sixteen stocks depreciated, and GEREGU was the top loser, with a price depreciation of -9.85% to close at ₦110.70 – the relatively new listed share came to the local bourse at N100.
On the loser’s chart, SCOA lost 9.43% of its market valuation while LASACO was priced down by 4.49%. LIVESTOCK fell by 2.73%, ZENITH BANK declined by 2.42%, and FBNH went down by 2.23%. Overall, the trading session ended with 19 gainers and 16 losers while sector performance closed positively.
Four out of the five major market sectors were up, led by the Industrial sector (+1.66%), followed by the Insurance sector (+1.05%), the Consumer goods sector (+0.63), and the Oil & Gas sector (+0.59%). The Banking sector was down by -1.29% today. #Nigerian Exchange Booms as Stocks Begin to Laying Golden Eggs
