On Tuesday, amid increased optimism in the regional economy, the equities division of the Nigerian Exchange (NGX) posted a greater daily gain of more than N1.5 trillion.
Following President Bola Ahmed Tinubu’s pledge to kick-start the economy with initiatives like the elimination of fuel subsidies and the harmonization of currency rates, the market and investors’ confidence was bolstered.
Investors seeking growth thus value stocks on the local bourse. The demand for shares reached a higher record, driving key performance indicators up by +5.23%.
According to stockbrokers at Atlass Portfolios Limited, today’s record rise is the largest daily increase since November 12th, 2020, when it increased by +6.23%. The market index, also known as the All-Share Index (ALSI), gained 2,771.86 basis points today to close at 55,745.74, bringing the year-to-date gains to 8.77%.
The total volume and total value traded for the day both surged by +133.49% and +106.07%, respectively, according to market statistics, indicating a sharp rise in activity. In 9,916 trades, about 1,078.23 million units totaling $15,799.46 million were exchanged.
With 12.53% of the total volume of transactions, ACCESSCORP was the stock that was most actively traded. The top 5 on the volume chart were made up of the largest bank in Nigeria, FBNH (11.87%), TRANSCORP (8.88%), UBA (7.61%), and GTCO (7.09%).
Additionally, with 15.48% of the total value of trades on the exchange, ACCESSCORP was the stock that was traded the most.
ETERNA, FCMB, JAIZBANK, NB, TRANSCOHOT, DEAPCAP, STERLINGNG, and ZENITHBANK topped the advancers’ chart with a price appreciation of 10.00 percent each. These stocks were trailed by CONOIL (9.91%), AFRIPRUD (9.91%), GLAXOSMITH (+9.87%), CWG (+9.80%), and fifty-two others.
Eleven stocks depreciated, where IKEJAHOTEL was the top loser, with a price depreciation of -10.00% to close at ₦2.16, as NCR (-9.80%), TANTALIZER (-8.00%), CHIPLC (-6.56%), and ROYALEX (-2.22%) also dipped in price. Today, the market breadth closed largely positive, recording 64 gainers and 11 losers. As expected, the Nigerian Exchange’s sectors performance closed positively.
Stockbrokers said all the five major market sectors were up, led by the Banking sector (+8.20%), followed by the Consumer goods sector (+6.48%), the Industrial sector (+6.08%), the Oil & Gas sector (+4.04%), and the Insurance sector (+2.29% Overall, equities market capitalisation increased by ₦1,509.30 billion to close at ₦30,353.90 trillion from ₦28,844.60 trillion last Friday.