The Nigerian Exchange (NGX) increased by around N120 billion on Tuesday, as equities investors placed large bets on growth and value firms on the trading platform during the market’s results festival.
Stockbrokers said in separate notes that the stock market ended today’s trading on a positive note, with key performance indicators up by 20 basis points, or 0.20%.
Year to date, the market index, or All-Share Index, gained 197.78 basis points to end at 98,694.80, driven by purchasing activity. The local market continued its upward trend, fueled by bargain hunting in medium and big cap companies such as UACN, GTCO, OANDO, and others.
Nonetheless, market activity was uneven, as the overall amount traded climbed by 45.92%, the total value dropped by 9.88%, according to data from the local bourse.
In its market update, Atlass Portfolios Limited told investors that approximately 591.01 million units valued at₦24,844.81 million were transacted across 6,987 deals.
CHAMPION was the most traded stock in terms of volume, accounting for 43.20% of the total volume traded in the equities market. Other volume drivers in the market include JAPAULGOLD (18.42%), UBA (7.61%), FCMB (3.24%), and CILEASING (2.86%).
SEPLAT emerged as the most traded stock in value terms, accounting for 78.41% of the total value of trades conducted on the exchange on Tuesday. TRANSCOHOT topped the advancers’ chart for today with a price appreciation of 9.28 percent, trailed by WAPIC. Data showed that WAPIC rose by +9.09% while UPDC gained +6.90%.
Other gainers include UNIVINSURE (+5.88%), ABCTRANS (+4.65%), UACN (+3.96%), and seventeen others. Despite the bargain hunting, fifteen stocks depreciated on the Nigerian Exchange. JOHNHOLT was the top loser, with a price depreciation of -9.84%. Other decliners include TANTALIZER (-9.84%), DANGSUGAR (-8.82%), REGALINS (-7.14%), HONYFLOUR (-5.81%), and SEPLAT (-0.67%).
Today, the market breadth closed positive, recording 23 gainers and 15 losers. However, sectoral performance in the market was mixed, with two of the five major sectors recording losses.
The consumer goods and oil & gas sectors dropped by 0.70% and 0.62%, respectively. On the other hand, the insurance and banking sectors posted gains of 1.22% and 0.91%, respectively, while the industrial sector closed flat.
Overall, the equities market capitalisation of the Nigerian Exchange gained₦119.95 billion to close at₦59.92 trillion on Tuesday as investors raised bets.
