Nigerian Exchange Rebounds with N166bn Gain
Nigerian Exchange (NGX) rebounds with about N166 billion daily gain on account of improved sentiment in the local bourse. After a resurgence in buying interest, the stock market index grew by 0.43%, pushing the Nigerian Exchange’s year-to-date return far ahead of the annual inflation rate.
Investors increased buying interest in some medium and large-scale stocks such as FBNH, ACCESSCORP, BUACEMENT, and others reversed the bourse’s previous day’s loss, Atlass Portfolios Limited said in its market update.
Data from the Nigerian Exchange showed that the year to date surged to 39.02% following about ₦166 billion increase in equities investors combined wealth. Stockbrokers said the market index or All-Share Index increased by 303.34 basis points today, representing a rise of +0.43% to close at 71,250.17.
Today, stock market activities inched higher ahead of Santa Claus rally. Total volume and total value traded increased by -20.93% and -56.53% respectively, according to data cited by stockbrokers. Atlass Portfolios Limited told investors via email that approximately 433.57 million units valued at ₦11,114.09 million were transacted in 7,016 deals.
UACN was the most traded stock in terms of volume, accounting for 14.24% of the total volume of trades. The stock was followed by UBA (13.45%), GTCO (5.31%), NIDF (4.73%), and ACCESSCORP (4.61%) to complete the top 5 on the volume chart.
Chapel Hill Denham backed Nigeria Infrastructure Development Fund (NIDF) was also the most traded stock in value terms, with 20.00% of the total value of trades on the exchange.
NSLTECH topped the advancers’ chart with a price appreciation of 10.00 per cent, trailed by MULTIVERSE (9.95%), SUNUASSUR (+9.92%), FBNH (+9.86%), THOMASWY (+9.82%), and thirty-five others.
Sixteen stocks depreciated, according to trading results for Tuesday. ABBEYBDS was the top loser, with a price depreciation of -9.88%. FTNCOCOA (-9.09%), DAARCOMM (-8.82%), VERITASKAP (-5.41%), UNITYBNK (-4.46%), and JAPAULGOLD (-2.94%) also dipped in price.
Due to a shift away from bearish sentiment, the market breadth closed positive, recording 40 gainers and 16 losers. In addition, the market sector performance was positive. Naira Devaluation Deepens Economic Crisis in Nigeria
Three of the five major market sectors closed in green. The Industrial sector grew by 1.94%, followed by the Banking sector which gained 1.45%. The Consumer goods sector advanced by +0.08% while the Insurance sector was down by -0.17%. The Oil & Gas sector closed flat.
Overall, equities market capitalisation gained ₦165.99 billion to close at ₦38.99 trillion from ₦38.82 trillion last yesterday. #Nigerian Exchange Rebounds with N166bn Gain
