Nigerian Exchange Hits New All-Time High on Record
The Nigerian Exchange (NGX) hit a new all-time high on record on Friday following equities investors’ reactions to the inflation surge. Following a sustained rally in the local bourse, key performance indicators increased by +0.12%.
Despite starting the week negative due to profit-taking, the equity market picked up in the remaining trading days of the week to record a third successive week-on-week growth of +0.37%.
NGX’s year-to-date return advanced to 38.75%, as investors’ wealth was up by approximately ₦183 billion over five trading sessions, according to Atlass Portfolios Limited.
Stockbrokers said in their separate updates that the market index or All Share Index increased by 87.83 basis points today, representing an increase of +0.12% to close at 71,112.99.
However, market activities were mixed, as the Total Volume traded for today reduced by -8.74%, while the Total Value traded increased by +37.77%. Approximately 441.58 million units valued at ₦6,032.96 million were transacted in 5,883 deals.
JAIZBANK was the most traded stock in terms of volume, accounting for 21.66% of the total volume of trades. The Islamic banking firm was followed by GTCO (8.04%), TIP (6.71%), JAPAULGOLD (6.62%), and CILEASING (4.45%) to complete the top 5 on the volume chart.
On account of its size advantage, GTCO was the most traded stock in value terms, with 21.69% of the total value of trades on the exchange.
MULTIVERSE and PRESTIGE topped the advancers’ chart for today with a price appreciation of 10.00 per cent each, trailed by MECURE (9.98%), CILEASING (+9.93%), NNFM (+9.89%), UNITYBNK (+9.35%), and thirty others.
Nineteen stocks depreciated, according to data from the domestic bourse. ABCTRANS was the top loser, with a price depreciation of -10.00%.
On the loser chart are: BETAGLAS (-9.92%), JAPAULGOLD (-9.09%), ROYALEX (-8.93%), STERLINGNG (-3.01%), and DANGSUGAR (-0.65%) also dipped in price.
Given the trading pattern, the market breadth closed positive, recording 36 gainers and 19 losers.
However, the market sector performance closed par, as two of the five major market sectors were up, including the Oil & Gas and Insurance sectors which grew by +3.71% and +1.40% respectively,
The Consumer goods and Industrial sectors dropped by -0.07% and -0.04% respectively, Atlass Portfolios Stockbrokers said. The Banking sector closed flat.
Overall, equities market capitalisation gained ₦48.30 billion on Friday to close at ₦39.11 trillion from ₦39.06 trillion yesterday. Futureview US Dollar Fund Return Hits 7.42%