Equities Investors See ₦412bn Gain as NGX Rallies
Equities investors saw about N412 billion gain as the Nigerian Exchange (NGX) rallied on the first trading session in the new week. Stock traders and market analysts reported that the early rally pushed equities market capitalisation to N37.37 trillion.
The stock market has continued to consolidate an uptrend position. MarketForces Africa reported that the NGX gained N1.4 trillion in August 2023. In emerging markets, the Nigerian bourse has been rated as one of the best performing as local investor’s appetite continues to improve despite a tough start to the year in the economy.
Data from the Nigerian bourse showed that year-to-date return has advanced strongly, settling at 33.22% following a sustained rally, staying far ahead of an annual inflation rate of 24.08%.
The market index or the Nigerian Exchange All-Share Index advanced by 751.95 basis points on Monday, representing an increase of +1.11% to close at 68,279.14 points.
Stockbrokers reported that market activities inched higher. Total volume and total value traded for the day increased by 67.88% and +88.56% respectively. Atlass Portfolios Limited said in its market update that approximately 845.68 million units valued at ₦13,039.55 million were transacted in 11,934 deals.
FIDELITYBK was the most traded stock in terms of volume, accounting for 11.45% of the total volume of trades. The tier-2 bank was followed by ZENITHBANK (10.14%), UBA (8.10%), TRANSCORP (7.64%), and GTCO (7.37%) to complete the top 5 on the volume chart.
Meanwhile, ZENITHBANK emerged as the most traded stock in value terms, with 21.53% of the total value of trades on the local exchange.
Amidst the merger plan, DANGSUGAR topped the advancers’ chart for today with a price appreciation of 10.00 per cent. Its acquiree NASCON also gained 9.98%. JOHNHOLT spiked by 9.92%. Following the acquisition of an interest in Agip, OANDO gained 9.91%, LASACO surged by 9.60%, and thirty-four others supported the uptick momentum.
Trading data showed that eighteen stocks depreciated, where CHIPLC was the top loser, with a price depreciation of -9.57%, to close at ₦1.04, Atlass Portfolios Limited told investors in its market report.
CORNERST went down by 9.29%, and NGXGROUP lost 7.20% of its market value. NEIMETH share price dropped by 6.67%, INTBREW declined by 6.52% and WAPCO fell by -2.52%. At the end of the trading session, the market breadth closed positive, recording 39 gainers and 18 losers. Nevertheless, the market sector performance closed par.
Two of the five major market sectors were up, including the Banking sector (+5.65%) and the Consumer goods sector (+1.57%). The Insurance and Industrial sectors were down by -2.81% and -0.14% accordingly. The Oil & Gas was unchanged.
Overall, equities market capitalisation increased by ₦411.55 billion, representing a growth of +1.11%, to close at ₦37,369.66 trillion from ₦36,958.11 last Friday. Naira Steadies as Banks Issue Update on FX Purchase Equities Investors See ₦412bn Gain as NGX Rallies