Nigerian Exchange Crosses N40T after N508bn Gain
Following about N508 billion daily gain, the Nigerian Exchange (NGX) equities market capitalisation jumped to N40.2 trillion amidst the Santa Claus rally experienced in the local bourse.
Money managers, Alpha seekers and stockbrokers are betting large on the performance of the equities market amidst what appears to be an all-around boom in 2023.
The level of buying interest has been so strong, pushing year-to-date returns far ahead of the inflation rate which has affected the local currency pricing across the markets.
In their respective market report, stockbrokers believe that the uptrend seen will be sustained as equities positioning becomes investment options to combat higher inflation conditions.
In the market, bullish sentiment continued to dominate the market as its All-Share Index gained 1.28% on the day, to close at 73,397.71 points.
The market recorded N507.60 billion worth of investors’ gain, even as the Exchange accounted for more gainers (37) than losers (24), Cowry Asset Limited said in a note.
Stockbrokers explained that investors locked in more funds into companies’ stocks such as MULTIVERSE, TRANSCORP, INFINITY, ETRANZACT and CAVERTON.
These stocks made the list of the top gainers for the day due to appreciable share price movements of 10.00%, 10.00%, 9.97%, 9.73% and 9.66%, respectively.
There was also a strong bargain hunting in AIRTELAFRI (+4.9%) and STANBIC (+9.3%). At the close of the trading session, the total volume traded increased by 34.8% to 554.64 million units, valued at NGN12.83 billion, and exchanged in 7,910 deals.
GTCO was the most traded stock by volume and value at 89.45 million units and N3.58 billion, respectively, changing hands in 362 deals.
Sectoral performance was broadly positive, as the Insurance (+0.8%), Banking (+0.8%), Industrial Goods (+0.1%) and Oil and Gas (+0.1%) indices all reflected the overall market performance.
On the other hand, the Consumer Goods (-0.2%) index was the sole loser of the day. As measured by market breadth, market sentiment was positive (1.6x), as 36 tickers gained relative to 22 losers.
MULTIVERSE (+10.0%) and TRANSCORP (+10.0%) recorded the highest gains of the day, while TANTALIZER (-10.0%) and THOMASWY (-9.9%) topped the losers’ list. #Nigerian Exchange Crosses N40T after N508bn Gain Naira Devaluation Deepens Economic Crisis in Nigeria
