The Nigerian Exchange (NGX), which has seen headline inflation rise to 21.47%, is nonetheless seeing strong growth as investors continue to pour their investable cash into value and growth stocks on the local market.
Due to increased purchasing interest in MTN Nigeria, Zenith Bank shares, and other stocks, today’s daily gain exceeds N133 billion.
The result was that the year-to-date return increased to 15.26%, trailing the average inflation rate over the same time period. Coincidentally, rates in the fixed income market have decreased.
As more purchase orders have been filled at a level witnessed earlier this year when market indices were at their top, it implies that investors are ready to take on greater risk.
The purchasing enthusiasm across the five key market sectors contributed to today’s market performance. In order to conclude at 49,233.02 points, the Nigerian Exchange All-share index gained 244.98 basis points, only a few basis points short of the psychological market of 50,000.
According to trading statistics given in a market report by Atlass Portfolios Limited, market activity was positive as the total volume and total value traded for the day climbed by 153.04% and 27.07%, respectively.
Approximately 222.78 million units worth $2,129.16 million were traded in 2,756 trades, stockbrokers informed customers via email. By volume, STERLNBANK was the most actively traded stock, representing 68.86% of all deals.
The top 5 on the volume list were made up of the tier-2 bank, GTCO (4.70%), ZENITH BANK (3.90%), FBNH (2.23%), and UBA (2.03%). According to stockbrokers Atlass Portfolios, AIRTELAFRI was the most traded stock in terms of value, accounting for 34.96% of all trades on the market.
With a price increase of 9.88 percent, CAP headed the list of advancers, followed by ARDOVA (9.51%), CORNERST (8.33%), THOMASWY (8.33%), LEARNAFRCA (8.12%), and fifteen other stocks.
OMO Bills Trade Quiet as Inflation Fears Rise in the Treasury. Seven equities declined today, with GEREGU being the biggest loss with a price decline of -8.11% to end at 102.00. FBNH lost 0.46%, CHAMS lost 4.35%, GTCO lost 1.91%, UCAP lost 1.46%, STERLNBANK lost 0.73%, and UCAP lost 1.46%.
Thus, the market breadth closed positive, recording 20 gainers and 7 losers while the market sector performance closed positive.
Stock market key indices were up, led by the Insurance sector (+1.07%), followed by the Banking sector (+0.72%), the Oil & Gas sector (+0.62%), the Consumer goods sector (+0.15%), and lastly, the Industrial sector (+0.13%).
Overall, the equities market capitalisation advanced by ₦133.43 billion, representing a growth of +0.50% to close at ₦26,815 trillion from ₦26,609.21 trillion the previous day. # NGX Daily Gain Spikes as Inflation Fears Worsen
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