Nigerian Exchange Nears N36trn as MTNN, Geregu Rally
Equities investors in the Nigerian Exchange (NGX) kept the fire burning as market size jumped near N36 billion Tuesday, according to the trading scorecard. The local bourse started the week positive and continued to rally second day after N1.33 trillion gain last week.
Data from the exchange showed that highly capitalised companies’ stocks saw large positive price movements following the Central Bank of Nigeria (CBN) policy committee’s decision to hike the benchmark interest rate to 18.75%.
Equities investors increased their positions in Seplat Energy, Geregu Power Plc, MTN Nigeria and Unilever. Others are Dangote Sugar, Zenith Bank, UBA, GTCO, and Access Bank Plc. Ticker: SEPLAT gained 9.99%, GEREGU spiked by 3.60% & and MTN advanced by 5.52%, leading to a notable upward movement in the market index.
The Nigerian Exchange All Share Index concluded the trading session positively, with a gain of 1.11%, settling at 65,991.02 points from 65,268.28 points at the beginning of the week.
Other stocks that rallied include UNILEVER (9.72%), ZENITH BANK (0.86%), UBA (0.68%), GTCO (0.52%), ACCESSCORP (0.28%) along with 28 other stocks. Consequent to bargain hunting, the year-to-date return for the index printed at 28.76%, while the monthly returns showed a remarkable growth of 8.24%.
The total volume traded declined by 33.4% to 553.52 million units, valued at NGN7.42 billion, and exchanged in 8,313 deals. JAPAULGOLD was the most traded stock by volume at 72.49 million units, while GTCO was the most traded stock by value at NGN1.70 billion.
On sectors, the Oil & Gas (+3.3%) and Banking (+0.5%) indices recorded gains, while the Industrial Goods (-0.1%) and Insurance (-0.1%) index declined. The Consumer Goods index closed flat.
As measured by market breadth, market sentiment was positive (1.1x), as 32 tickers gained relative to 30 losers. IKEJAHOTEL (+10.0%) and FTNCOCOA (+10.0%) recorded the highest gains of the day, while CONOIL (-10.0%) and LEARNAFRCA (-10.0%) topped the losers’ list.
Overall, equities market capitalisation showed a 1.11% increase, settling at N35.932 trillion, leading to a notable rise in investors’ wealth by N393.54 billion. Nigerian Exchange Nears N36trn as MTNN, Geregu Rally Chinese Yuan Strengthens to 7. 1406 Against the Dollar