Nigerian Exchange Closed 2023 With N148bn Daily Gain

The equities segment of the Nigerian Exchange (NGX) ended in green with more than N148 billion daily gain recorded on Friday, data from the local bourse showed.

Following a strong buying momentum, the Nigerian stock market performance indicators grew by +0.36%. The surge pushed year-to-date returns higher, accelerating ahead of an annual inflation rate of 28%.

Stockbrokers said the market’s positive performance was due to increased buying interest in some major market sectors, led by the Insurance sector, which grew by +2.85%. 

The market index or the Nigerian Exchange All Share Index increased by 271.19 basis points, representing an increment of +0.36% to close at a new high of 74,773.77 points.

However, market activities were mixed, stockbrokers said. The total volume traded on Friday dropped by -4.15%, while the total value traded jumped up by +126.23%.

According to Atlass Portfolios Limited, approximately 368.63 million units valued at ₦12.820.17 million were transacted in 6,732 deals.

ZENITHBANK was the most traded stock in terms of volume, accounting for 8.18% of the total volume of trades. The leading financial institution by market value was followed by CONHALLPLC (7.54%), JAIZBANK (6.97%), GEREGU (5.68%), and ACCESSCORP (4.99%) to complete the top 5 on the volume chart.

GEREGU was the most traded stock in value terms, with 56.39% of the total value of trades on the exchange. LEARNAFRCA and TRANSCOHOT topped the advancers’ chart with a price appreciation of 10.00 per cent each.

These top performers were trailed by MULTIVERSE (9.95%), ABBEYBDS (+9.90%), IMG (+9.80%), DAARCOMM (+9.76%), and forty-two others. Fifteen stocks depreciated, according to details from the local bourse. SUNUASSUR was the top loser, with a price depreciation of -5.17%.

On the loser chart are: FTNCOCOA (-4.52%), NAHCO (-4.51%), STERLINGNG (-3.16%), BUAFOODS (-2.77%), and TRANSCORP (-1.59%). Given the trading pattern, the market breadth closed positive, recording 48 gainers and 15 losers. As expected from the last-day rally, the market sector performance was positive, as four of the five major market sectors inched higher.

The Insurance sector grew by +2.85%, followed by the Banking sector which inched higher by +1.12%, the Oil & Gas sector was up by +0.11%, and the Industrial sector advanced by +0.01%. On the other hand, the Consumer goods sector was down by -1.42%.

Overall, the equities market gained ₦148.45 billion, representing a growth of +0.36%, to close at ₦40.92 trillion from ₦40.77 trillion yesterday. #Nigerian Exchange Closed 2023 With N148bn Daily Gain  Naira Devaluation Deepens Economic Crisis in Nigeria

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