The Nigerian Exchange’s (NGX) equity market capitalization increased by N27.65 billion due to a surge in the stocks of FBN Holdings and Dangote Sugar Refinery Plc. The consumer index saw the biggest gains, followed by the banking index, which performed flatly alongside the oil and gas index.
Stockbrokers report that trading on the Nigerian equity market concluded with a positive outcome, extending the market’s winning streak to nine trading days.
The performance indicators for the equity market increased by +0.05% ahead of the headline inflation rate for Nigeria in February, which analysts had expected would surpass 30%.
According to an update from Atlass Portfolios Limited, the local exchange kept up its positive trend despite the market’s breadth closing down since investors were able to find deals on some medium- and large-cap stocks, like FBNH, DANGSUGAR, and others.
Consequently, the market index or All-Share Index increased by 48.85 basis points today, representing a rise of +0.05% to close at 104,056.21. However, market activities slipped, according to stockbrokers.
Total volume and total value traded were reduced by -30.78% and -18.76% respectively. Approximately 226.31 million units valued at ₦7,408.73 million were transacted in 5,823 deals, stockbrokers said in separate notes.
FBNH was the most traded stock in terms of volume, accounting for 12.64% of the total volume of trades, followed by TRANSCORP (11.98%), ACCESSCORP (11.18%), GTCO (6.13%), and ZENITHBANK (5.88%) to complete the top 5 on the volume chart.
NESTLE was the most traded stock in value terms, accounting for13.54% of the total value of trades on the exchange. ROYALEX topped the advancers’ chart with a price appreciation of 9.72 percent.
The Insurance stock was trailed by UNILEVER with (+9.59%) gain, TANTALIZER (+8.57%), UPDC (+7.14%), REGALINS (+5.41%), ETI (+4.55%), and twelve others.
Twenty-two stocks depreciated today, according to data from the local bourse. INTENEGINS was the top loser, with a price depreciation of – 10.00%. Other losers on the chart include SUNUASSUR (-9.93%), INTBREW (-9.91%), UNITYBNK (-5.18%), FIDELITYBK (-2.80%), and ZENITHBANK (-1.28%).
Meanwhile, the market breadth closed negative, recording 19 gainers and 22 losers. However, the market sector performance was positive, as three of the five major market sectors closed in green.
The Consumer goods sector grew by +0.38% followed by a 0.25% gain posted by the Banking index. The Industrial sector grew by +0.03% while the Insurance sector was down by -1.16%. The Oil & Gas sector closed flat.
Overall, the equities market capitalization of the Nigerian Exchange rose by ₦27.65 billion, representing a growth of +0.05%, to close at ₦58.83 trillion.
