On Tuesday, investors on the Nigerian Exchange (NGX) kept the fire burning as market capitalization climbed near N36 trillion. Following a N1.33 trillion gain the previous week, the local market opened the week strongly and continued to increase on the second day. Equities market capitalisation showed a 1.11% increase, settling at N35.932 trillion, leading to a notable rise in investors’ wealth by N393.54 billion.
Highly capitalized firms’ equities saw significant price increases following the Central Bank of Nigeria (CBN) policy committee’s decision to raise the benchmark interest rate to 18.75%.
Investors in Geregu Power Plc, MTN Nigeria,Seplat energy and Unilever raised their stakes. Dangote Sugar, Zenith Bank, UBA, GTCO, and Access Bank Plc are among the others. SEPLAT increased by 9.99%, GEREGU increased by 3.60%, and MTN increased by 5.52%, resulting in a significant upward movement in the market.
UNILEVER (9.72%), ZENITH BANK (0.86%), UBA (0.68%), GTCO (0.52%), ACCESSCORP (0.28%), and 28 other stocks rose as well. As a result of the bargain hunting, the index’s year-to-date return was 28.76%, while monthly returns increased by 8.24%.
The Nigerian Exchange All Share Index ended the trading session with a 1.11% gain, finishing at 65,991.02 points, up from 65,268.28 points at the start of the week.
The overall volume traded fell by 33.4% to 553.52 million units worth NGN7.42 billion and transacted in 8,313 transactions. JAPAULGOLD was the most traded stock in terms of volume, with 72.49 million units moved, while GTCO was the most traded stock in terms of value, with NGN1.70 billion transacted.
On sectors, the Oil & Gas (+3.3%) and Banking (+0.5%) indices recorded gains, while the Industrial Goods (-0.1%) and Insurance (-0.1%) index declined. The Consumer Goods index closed flat.
As measured by market breadth, market sentiment was positive (1.1x), as 32 tickers gained relative to 30 losers. IKEJAHOTEL (+10.0%) and FTNCOCOA (+10.0%) recorded the highest gains of the day, while CONOIL (-10.0%) and LEARNAFRCA (-10.0%) topped the losers’ list.
