Nigerian Exchange Edges Higher Amidst Inflation Concern

The Nigerian Exchange (NGX) still maintained an uptrend following the inflation surge. Stockholders sought to rebalance their portfolio which keep trading activities in the local bourse on a tight nose. However, bulls prevailed, and this pushed key performance indicators upward by 0.02%.

Despite the market breadth closing negative, investors increased buying interest in some small and medium-scale stocks such as NB, FIDSON, and others, keeping the bourse in the green, Atlass Portfolios Limited said in an update.

Data from the Nigerian Exchange showed that year-to-date return advanced to 38.58%, as investors’ wealth was up by approximately ₦6 billion.

Stockbrokers reported that the market index All-Share Index increased by 10.82 basis points today, representing a slight increase of +0.02% to close at 71,025.16.

However, market activities were mixed as a result of equities investors’ reactions which appeared to be diverged in a booming market.

The total volume traded for today grew by +62.72%, while the total value traded dropped by -28.73%, according to data from the local bourse.

Atlass Portfolios Limited said approximately 483.85 million units valued at ₦4,378.93 million were transacted in 6,545 deals.

REGALINS was the most traded stock in terms of volume, accounting for 21.57% of the total volume of trades. The company was followed by OANDO (11.43%), UNIVINSURE (11.03%), JAPAULGOLD (5.16%), and UBA (4.44%) to complete the top 5 on the volume chart.

OANDO was the most traded stock in value terms, with 15.45% of the total value of trades on the exchange. NSLTECH and DEAPCAP topped the advancers’ chart for today with a price appreciation of 10.00 per cent each.

The stocks were trailed by gains in CILEASING (9.95%), NNFM (+9.85%), SCOA (+9.82%), UNITYBNK (+9.18%), and seventeen others.

Thirty-two stocks depreciated, according to stockbrokers. ABCTRANS was the top loser, with a price depreciation of -10.00%, as ETRANSACT (-9.93%), ETERNA (-6.12%), BERGER (-2.99%), JAIZBANK (-1.84%), and JAPAULGOLD (-1.58%) also dipped in price.

At the end of the trading sessions, the market breadth closed negative, recording 23 gainers and 32 losers.

Furthermore, the market sector performance closed par, as two of the five major market sectors were up, including the Consumer goods and Insurance sectors which grew by +0.31% and +0.17% respectively.

Meanwhile, the Banking and Oil & Gas sectors dropped by -0.35% and -0.18% accordingly. The Industrial sector closed flat.

Overall, the equities market capitalisation of the Nigerian Exchange advanced by ₦5.96 billion to close at ₦39.06 trillion from ₦39.05 trillion yesterday. #Nigerian Exchange Edges Higher Amidst Inflation Concerns US Dollar Retraces Ahead of Import, Export Data