Nigerian Exchange Rises by N542bn over Sustain Rally

Nigerian Exchange Rises by N542bn over Sustain Rally

Strong demand for growth, value stock in the Nigerian Exchange (NGX) lifted key performance indicators higher on Thursday, with a daily gain of about N542 billion added to investors’ wealth.

Following a shift in market sentiment witnessed last week, the local bourse maintained the previous day’s buying interest, resulting in an uptick in year-to-date return to 27.34%.

The market index or All-Share Index rose by 995.70 basis points, representing an increase of +1.55% to close at 65,263.06, Atlass Portfolios Limited told investors in a market update.

With a record level of hunting, market activities were up generally, keeping the previous tempo tight and neat amidst the prediction the local bourse valuation will hit N36 trillion having shaken off unimpressive earnings performance by some listed companies.

In the market, total volume and total value traded increased by +34.62% and +19.14% respectively. Citing market results, stockbrokers told investors that approximately 445.28 million units valued at ₦5,087.09 million were transacted in 7,095 deals.

STERLINGNG was the most traded stock in terms of volume, accounting for 15.60% of the total volume of trades. The financial services group was followed by FCMB (7.49%), ACCESSCORP (7.41%), JAPAULGOLD (6.37%), and FIDELITYBK (6.19%) to complete the top 5 on the volume chart.

ACCESSCORP was the most traded stock in value terms, with 11.19% of the total value of trades on the exchange. STERLINGNG, NB, and PZ topped the advancers’ chart for today with a price appreciation of 10.00 percent each.

These popular stocks were trailed by CHELLARAM (9.96%), DANGSUGAR (+9.95%), NASCON (+9.95%), ABBEYBDS (+9.92%), and forty-three others. Ten stocks depreciated, according to trading results from the local exchange. ETERNA was the top loser, with a price depreciation of 9.83%, to close at ₦23.40.

JOHNHOLT lost 9.82%, THOMASWY fell by 9.40%, MCNICHOLS declined by 9.33%, COURTVILLE went downward by 9.09%, and STANBIC tumbled by 6.47% in the market due to selloffs.

Despite these, the market breadth closed largely positive, recording 50 gainers and 10 losers. Also, the market sector performance closed positive.

NGX trading records showed that four of the five major market sectors were up. The Banking sector gained 3.19%, followed by the Insurance sector (+2.48%), the Consumer goods sector (+2.24%), and the Industrial (+0.01%), while the Oil & Gas sector dropped by -0.57%.

Overall, equities market capitalisation swelled by ₦541.85 billion, representing a growth of +1.55%, to close at ₦35,515.13 trillion from ₦34,973.28 trillion yesterday. #Nigerian Exchange Rises by N542bn over Sustain Rally

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