Nigerian Exchange Halts Losses, Investors Gain N425bn
Equity investors gained about N425 billion as the Nigerian Exchange (NGX) halted losing streaks that lasted for four consecutive days on Friday. The market reversed its negative trend, driven by renewed buying interest as investors bet on potential upside in some companies that recently went south.
Key performance indicators climbed by 0.48% with a year-to-date return that settled at 37% at the close of trading sessions. The market rebounded on fresh rallies in BETAGLAS, VERITASKAP, CAP, BUAFOODS, and others across major sectors.The market index, or All-Share Index, added 671.70 basis points to close at 141,004.14.
Stockbrokers reported that trading activities were up as the total volume and total value of all trades surged by +127.15% and +271.53%, respectively.In a note, Atlass Portfolio Limited told investors that approximately 1,303.26 million units valued at N47,841.15 million were transacted across 25,916 deals.
In terms of volume, FCMB led the activity chart, accounting for 17.77% of the total volume of all trades executed in the local bourse, followed by AIICO (5.72%), NB (5.65%), WAPIC (4.36%), and TRANSPOWER (3.89%), rounding out the top five.
TRANSPOWER emerged as the most traded stock in value terms, accounting for 33.83% of the total value of trades on the exchange.
BETAGLAS, UPDC, FTNCOCOA, and VERITASKAP topped the advancers’ chart with a price appreciation of 10.00 percent each, trailed by SOVRENINS (+9.96%), NCR (+9.95%), GUINEAINS (+9.94%), PRESTIGE (+9.94%), UNIVINSURE (+9.91%) and forty-two others.
Thirteen stocks depreciated, according to stockbrokers. THOMASWY was the top loser, with a price depreciation of -9.91%. Other decliners include MCNICHOLS (-7.51%), ETRANSACT (-3.98%), WAPCO (-1.82%), MULTIVERSE (-0.91%), and STANBIC (-0.53%).
Given the trading directions, the market breadth closed positive, recording 51 gainers and 13 losers. Most sectors recorded gains: Banking (+0.83%), Insurance (+7.06%), Consumer Goods (+1.08%), and Oil & Gas (+0.07%). The industrial sector edged up by 0.08%, while the commodity sector remained unchanged. Overall, the stock market capitalisation increased by N424.96 billion, reaching N89.21 trillion on Friday. CBN Sells $166m to Banks, FX Forward Contracts Depreciate
