Market Return Nears 16% as NGX Extends Rally
Trailing the average inflation rate, year-to-date return inches near 16% as the Nigerian Exchange (NGX) extends the previous week’s rally on Monday amidst strong buying orders that were executed by stockbrokers.
Today’s rally pushed key performance indicators upward while there was a noticeable improvement in market sentiments. The last four trading sessions have been bullish as the local bourse becomes more popular among investors due to attractive share prices across key segments.
Data from the Nigerian Exchange shows that the All-share index inched higher by 0.20% following buying interest seen in some mid to large cap stocks, thus year-to-date return printed at +15.68%.
The Nigerian Exchange All-share index added 98.67 basis points to close at 49,414.96 points. Some stockbrokers are expecting the all-share index to cross the psychology level of 50,000 points before the year ended.
However, market activities were down today, as the total volume and total value traded for the day dropped by -26.00%, and -33.96% respectively, according to Atlass Portfolios Limited.
Citing data obtained from the local bourse, market analysts reported that approximately 76.75 million units valued at ₦1,325.59 million were transacted in 3,262 deals. >>Nigerian Bourse Extends Gain as Banks Shares Rally
GTCO was the most traded stock in terms of volume, accounting for 21.70% of the total volume of trades. The orange branded financial service holding company was followed by UBA (9.92%), CHAMS (5.43%), CHIPLC (5.23%), and ZENITH BANK (4.94%) to complete the top 5 on the volume chart.
Also, GTCO was also the most traded stock in value terms, with 26.58% of the total value of trades on the exchange. THOMASWY topped the advancers’ chart with a price appreciation of 8.77 percent.
The company was trailed by INTBREW whose share jerked up by 5.81%, PHARMDEKO gained 5.00%, CAVERTON popped up by 3.45%, and FIDON rose by 3.45% including eight other companies’ shares.
Ten stocks depreciated, according to stock traders and PZ was the top loser with a price depreciation of -7.26% to close at ₦11.50. CHAMS lost 4.35%, UPDCREIT declined by 3.33%, FTNCOCOA slumped by 3.23%, AFRIPRUD dropped 2.73%, and VITAFOAM went down by 2.33%.
Thus, the market breadth closed positively, recording 13 gainers and 10 losers while the market sector performance closed equally.
Two out of the five major market sectors were up, which include the Consumer goods sector (+1.00%), followed by the Banking sector (+0.12%), while two were down as well, which include the Insurance and Oil & Gas sectors, which declined by -0.05%, and -0.01% respectively.
The Industrial sector was unchanged. Overall, the market capitalisation advanced by ₦53.74 billion, representing a growth of +0.20% to close at ₦26,915 trillion from ₦26,861.26 trillion. #Market Return Nears 16% as NGX Extends Rally