Nigerian Exchange (NGX) recovers with a daily gain of over N166 billion as a result of better market confidence. The stock market index increased by 0.43% following a rebound in purchasing enthusiasm, putting the Nigerian Exchange’s year-to-date return far ahead of the annual inflation rate.
The bourse’s loss from the previous day was reversed by investors’ heightened purchasing interest in a number of medium- and large-scale equities, including FBNH, ACCESSCORP, BUACEMENT, and others, according to Atlass Portfolios Limited’s market update. According to data from the Nigerian Exchange, the aggregate worth of equity investors increased by around ₦166 billion, resulting in a year-to-date leap to 39.02%.
According to stockbrokers, the All-Share Index, or market index, rose by 303.34 basis points today, or +0.43%, to settle at 71,250.17. Today, stock market activities inched higher ahead of Santa Claus rally. Total volume and total value traded increased by -20.93% and -56.53% respectively, according to data cited by stockbrokers.
Atlass Portfolios Limited told investors via email that approximately 433.57 million units valued at ₦11,114.09 million were transacted in 7,016 deals. UACN was the most traded stock in terms of volume, accounting for 14.24% of the total volume of trades. The stock was followed by UBA (13.45%), GTCO (5.31%), NIDF (4.73%), and ACCESSCORP (4.61%) to complete the top 5 on the volume chart. Chapel Hill Denham backed Nigeria Infrastructure Development Fund (NIDF) was also the most traded stock in value terms, with 20.00% of the total value of trades on the exchange. NSLTECH topped the advancers’ chart with a price appreciation of 10.00 per cent, trailed by MULTIVERSE (9.95%), SUNUASSUR (+9.92%), FBNH (+9.86%), THOMASWY (+9.82%), and thirty-five others.
Sixteen stocks depreciated, according to trading results for Tuesday. ABBEYBDS was the top loser, with a price depreciation of -9.88%. FTNCOCOA (-9.09%), DAARCOMM (-8.82%), VERITASKAP (-5.41%), UNITYBNK (-4.46%), and JAPAULGOLD (-2.94%) also dipped in price. Due to a shift away from bearish sentiment, the market breadth closed positive, recording 40 gainers and 16 losers. In addition, the market sector performance was positive.
Naira Devaluation Deepens Economic Crisis in Nigeria Three of the five major market sectors closed in green. The Industrial sector grew by 1.94%, followed by the Banking sector which gained 1.45%. The Consumer goods sector advanced by +0.08% while the Insurance sector was down by -0.17%. The Oil & Gas sector closed flat. Overall, equities market capitalisation gained ₦165.99 billion to close at ₦38.99 trillion from ₦38.82 trillion last yesterday.
