Nigerian Exchange Return Climbs to 62.27%, Rally Softens
The Nigerian Exchange (NGX) year-to-date return climbs to 62.27% on Wednesday as funds continue to rotate into risky assets, though stockbrokers spotted a slowdown in momentum.
The Nigerian equities market edged higher on Wednesday, with the NGX All-Share Index (ASI) inching up 0.04% to settle at 252,508.19 points.
Investors’ action across key sectoral indices lifted the year-to-date return to +62.27% and added a modest ₦61.84 billion to market capitalisation, which closed at ₦161.84 trillion.
Market breadth was positive at 1.3x, as 38 gainers led by CWG, DAARCOMM, FIDSON, LIVESTOCK, and BERGER outpaced 29 losers, with NCR, ZICHIS, FIRSTHOLDCO, NEIMETH, and ETERNA recording the most notable losses.
Sectoral performance was mixed, as Industrial (+0.93%), Insurance (+0.68%), and Consumer Goods (+0.23%) all closed in positive territory, while Banking (-2.53%) and Oil & Gas (-0.03%) dragged on the index, and the Commodity sector ended flat.
Trading activity was divergent, as turnover and deal count climbed 34.35% and 1.83%, respectively, to ₦117.84 billion and 82,367 transactions, while volume declined 6.69% to 1.89 billion shares.
Heading into Thursday’s session, stockbrokers said the market is expected to face mild headwinds following today’s marginal gain, as tepid investor participation and an unconvincing breadth of activity suggest a possible pullback MTN Nigeria Drives South African Telecom Group Q1 Earnings Growth
