Equities market capitalization has risen to around N29 trillion as the Nigerian Exchange (NGX) continues to gain traction as market confidence improves. The market finished favorably on Friday, with the NGX All Share Index rising by 2.55% to conclude at 54,213.09 points, a level last seen in 2008.
Overall, the market capitalization of stocks climbed by N847 billion to N28.68 trillion as investors ignored Moody’s downgrading of Nigeria’s sovereign rating last week. Instead, the market saw substantial purchasing demand throughout the week when earnings reports were released, according to Nigerian Exchange statistics.
Year to date, the market return increased to 5.78%, thanks to a 5.7% increase in MTNN, a 14.6% price increase in BUAFOODS, a 2.2% increase in DANGCEM, and a 1.5% increase in AIRTELAF. Activity level varied as the average volume traded fell 0.5% month on month to 221.7 million units while the average value traded rose 39.8% month on month to ₦4.6 billion.
The most traded stocks by volume were GEREGU (431.8m units), ACCESSCORP (329.2m units), and TRANSCORP (326.8m units), while the top traded stocks by value were GEREGU (58.4bn), GTCO (6.9bn), and AIRTELAF (4.7bn).
MTNN (+5.7%), GEREGU (+36.9%), and SEPLAT (+11.8%) were the top market performers. Overall, sector performance was good. The Oil and Gas index increased by 9.2%, while the Banking index increased by 2.5%. The Insurance index increased by 0.3%, while the Industrial Goods index increased by 0.1%.
On the other hand, the Consumer Goods index fell 0.4%, becoming the week’s single loser. Following strong purchasing momentum, the market index closed above 54,000 points, a 14-year high since 2008.
The level of trading activity in the equity market continued with strong momentum for another week, with the total deals for the week inching northward by 11.43% week on week to 20,333, according to Cowry Asset Management.
Stockbrokers recorded a massive 400.7% surge in trade volumes to 3.79 billion and valued at N21.62 billion, indicating an increase of 119.32% week on week.
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