Nigerian Exchange Registers Large Daily Gain of N1.6Trn

The Nigerian Exchange (NGX) registered a large daily gain of about N1.6 trillion on Tuesday amidst the ongoing early rally in 2024. The sustained interest in Nigerian stocks was driven by hope and expectations across the spectrum. 

As a result, stock market key performance indicators surged by +3.56% in a day transactions with record volumes of transactions across major NGX indexes. According to stockbrokers, the market’s positive performance continued due to investors’ strong buying appetite across the major market sectors, led by the Banking sector.

Details from the local bourse showed that the banking index grew by +8.16% due to positive price movement in tier-1 banks’ names. The market index or All-Share Index increased by 2,867.31 basis points, representing a rise of +3.57% to close at 83,191.84.

Data from the domestic bourse revealed that market activities inched higher. Total volume and Total Value traded for the day increased by +18.46%, and +61.77% respectively. In its market update, Atlass Portfolios Limited said approximately 1,409.85 million units valued at ₦24,681.50 million were transacted in 17,144 deals.

FIDELITYBK was the most traded stock in terms of volume, accounting for 10.07% of the total volume of trades. The tier-2 bank was followed by FCMB (9.16%), UBA (8.36%), TRANSCORP (7.70%), and ACCESSCORP (6.05%) to complete the top 5 on the volume chart.

UBA was the most traded stock in value terms, with 26.79% of the total value of trades on the exchange. FBNH, FTNCOCOA, MBENEFIT, UNIVINSURE, CADBURY, GUINEAINS and UNILEVER topped the advancers’ chart with a price appreciation of 10.00 percent each.

These stocks were trailed by ZENITHBANK with (+9.99%) growth, WEMABANK (+9.99%), INTBREW (+9.98%), and sixty-two others.

Twelve stocks depreciated, according to stockbrokers notes.  TOTAL was the top loser, with a price depreciation of -10.00%. Other stocks that registered losses include DAARCOMM (-9.40%), RTBRISCOE (-8.45%), SUNUASSUR (-7.69%), PRESTIGE (-7.41%), and THOMASWY (-6.37%).

Based on the pattern in the exchange, the market breadth closed largely positive, recording 72 gainers and 12 losers. In addition, the market sector performance was positive. Four out of the five major market sectors closed in the green, The Banking sector grew by +8.16% followed by the Insurance sector which popped higher by +6.37%.

The Consumer goods sector inched higher by +3.98% and the Industrial sector rose by +2.53%. The Oil & Gas sector was down by -2.35%. Overall, equities market capitalisation accelerated by ₦1. 567 trillion to close at ₦45.52 trillion. #Nigerian Exchange Registers Large Daily Gain of N1.6Trn Dangote Reacts to EFCC Visit to Headquarters