Home News Nigerian Exchange Maintains Uptrend, Gains N270bn

Nigerian Exchange Maintains Uptrend, Gains N270bn

Nigerian Exchange Maintains Uptrend, Gains N270bn

Nigerian Exchange Maintains Uptrend, Gains N270bn

The Nigerian Exchange maintained an uptrend Thursday as investors recorded N270 billion daily gain. Riding on improved sentiments, equities investors saw market capitalisation expanding near N34 trillion,

Data from the local bourse showed that key performance indicators inched higher following solid buying momentum on the floor of the Nigerian Exchange. Price appreciation in Dangote Cement was the key catalyst that drove daily gain, followed by lightweight consumer goods stocks.

Again, there was unusual volume trade in FBNH, but a moderate gain suggests there was a random buy and sell order that clear off a significant price surge on Thursday as the financial services draw close to N700 billion in market valuation.

Data from the exchange showed that the All-share-index, surged by 81 basis points, reaching a closing value of 62,019.88 points compared to Wednesday’s 61,523.57 points.

Stock market year-to-date return rose to 21.01%, rising toward inflation print for May 2023 in contrast to subdued rates in the fixed income market despite a double-digit high benchmark interest rate.

The market index or All-Share Index added 496.31 basis points today, representing an increase of +0.81% to close at 62,019.88 points. Stockbrokers said market activities increased as the total volume and total value traded for the day surged by +543.24% and +821.84% respectively.

Approximately 5,443.83 million units valued at ₦95,005.14 million were transacted in 9,948 deals, according to Atlass Portfolios Limited. FBNH was the most traded stock in terms of volume, accounting for 86.19% of the total volume of trades, followed by FCMB (2.33%), ACCESSCORP (1.04%), JAPAULGOLD (1.01%), and STERLINGNG (0.86%) to complete the top 5 on the volume chart.

Also, FBNH was also the most traded stock in value terms, with 92.43% of the total value of trades on the exchange. ETERNA, UBN, CONOIL, LEARNAFRCA, and MRS topped the advancers’ chart with a price appreciation of 10.00 percent each.

These stocks were trailed by NASCON which gained 9.95%, ETRANSACT surged by 9.88%, JAPAULGOLD rose by 9.78%, and ABCTRANS did 9.76%. There were other forty-five other gainers in the market today.

DANGCEM witnessed a 1.75% increase, PRESCO surged by 2.56%, FBNH showed a gain of 2.70%, JAPAULGOLD soared by an impressive 9.78%, CONOIL and MRS both experienced significant growth of 10%, while NASCON recorded a remarkable surge of 9.95%.

Eighteen stocks depreciated, where WAPIC was the top loser, with a price depreciation of -9.59% to close at ₦0.66, as UPDC (-9.24%), HONYFLOUR (-7.46%), CHAMPION (-5.00%), JAIZBANK (-2.22%), and FLOURMILL (-1.32%) also dipped in price.

Data from the exchange indicated that the market breadth closed positive, recording 54 gainers and 18 losers. Thus, the market sector performance closed positive, as three of the five major market sectors closed in the green.

The Oil & Gas index inched higher by 2.36% followed by the Industrial index popped up by 0.93% and the Consumer goods sector advanced by 0.22%. Meanwhile, the Banking and Insurance sectors dropped by -2.48% and -0.55%.

Overall, equities market capitalisation surged by ₦270.25 billion to close at ₦33,770.44 trillion from ₦33,500.19 trillion yesterday. #Nigerian Exchange Maintains Uptrend, Gains N270bn Nigerian Treasury Bills Yield Rises to 7%

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