Nigerian Exchange Extends Rally, Hits N38.9T
The Nigerian Exchange (NGX) extended the previous day’s rally, having popped higher in the past two days amidst improved buying sentiment. As a result, key performance indicators advanced to an all-time high with year-to-date return crossing 38%.
Data from the Exchange showed that market performance indicators grew by +0.23% amidst stockbrokers’ prediction that the local bourse would cross N40 trillion in market capitalisation in 2023.
Stockbrokers reported that after the closing session, the year-to-date return has advanced to 38.09%. It was noted that the market index or the All-Share Index increased by 159.71 basis points.
This represents an increase of +0.23% above Tuesday’s record performance to close at 70,773.31 points. Data from the exchange showed that market activities improved further. Total volume and total value traded for today increased by +24.27% and +79.88% respectively, according to Atlass Portfolios Limited.
Stock market analysts said approximately 558.34 million units valued at ₦9,794.18 million were transacted in 6,401 deals.
FBNH was the most traded stock in terms of volume, accounting for 37.70% of the total volume of trades, followed by UBA (9.65%), UNIVINSURE (7.85%), FIDELITYBBK (4.00%), and UNITYBNK (3.24%) to complete the top 5 on the volume chart.
Likewise, FBNH was also the most traded stock in value terms, with 41.30% of the total value of trades on the exchange. JAPAULGOLD topped the advancers’ chart with a price appreciation of 9.87 per cent, trailed by MECURE (9.80%), PRESTIGE (+9.76%), CORNERST (+9.72%), OMATEK (+9.62%), and twenty-three others.
Twenty-three stocks depreciated, according to a market update released by stockbrokers. CAVERTON was the top loser, with a price depreciation of -9.87%. Other losers include MEYER (-9.85%), SCOA (-9.60%), THOMASWY (-8.60%), UNITYBNK (-7.00%), and FIDELITYBK (-3.19%).
Based on the trading pattern, the market breadth closed positive, recording 28 gainers and 23 losers. In addition, the market sector performance was positive. Today, three of the five major market sectors closed in green. The indices were led by the Insurance sector which grew by +2.67%, followed by the Industrial sector (+0.87%), and the Banking sector (+0.26%).
On the other hand, the Consumer goods sector dropped by -0.06%. The Oil & Gas sector closed flat. Overall, equities market capitalisation increased by ₦87.78 billion, representing a growth of +0.23%, to close at ₦38.89 trillion from ₦38.80 trillion yesterday. Naira Devaluation Deepens Economic Crisis in Nigeria
