Equities investors on the Nigerian Exchange (NGX) enjoyed an N41 billion gain midweek after selling rallies that drove the market index down following a slew of disappointing earnings reports from listed businesses.
The local bourse saw a substantial positioning in value and growth tickers, bringing year-to-date return to 25.40% – still ahead of an annual inflation rate of 22.79%. The local bourse’s data revealed an upward trend in the market index. The Nigerian Exchange All Share Index, in particular, gained by 75.16 basis points to settle at 64,267.36 points..
However, stockbrokers said that market activity was lower. The overall volume and value traded fell by 56.60% and 44.62%, respectively. Atlass Portfolios Limited said in its market update that about 330.78 million units valued at $4,269.70 million were exchanged in 6,251 transactions.
TRANSCORP was the most traded stock by volume, accounting for 17.79% of total transaction activity. The conglomerate was followed on the volume chart by FBNH (8.45%), ETI (6.44%), ACCESSCORP (6.26%), and CHAMS (5.13%).
According to the local bourse’s trading data, FBNH was the most traded stock in terms of value, accounting for 11.78% of the total value of trades on the exchange. >>>> Nigeria’s economic crisis is being exacerbated by the depreciation of the naira.
NASCON, ABBEYBDS, and CHAM topped the advancers’ chart for today with a price appreciation of 10.00 percent each. These gainers were trailed by SKYAVN (9.96%), DANGSUGAR (+9.93%), CHELLARAM (+9.77%), SUNUASSUR (+9.72%), and twenty-four others.
Stockbrokers said twenty-six stocks depreciated, where THOMASWY and TIP were the top losers, with a price depreciation of -10.00% each to close at ₦1.17 and ₦0.72, OMATEK (-9.76%), MBENEFIT (-9.43%), LASACO (-4.62%), FIDELITYBK (-4.52%), and AFRIPRUD (-2.36%) also dipped in price.
Today, equities market breadth closed negative, recording 31 gainers and 26 losers while sector performance closed positive.
Three of the five major market sectors were up, which includes the Industrial sector (+0.22%), the Consumer goods sector (+0.16%), and the Insurance (+0.04%), while the Banking sector dropped by -0.35%. The Oil & Gas sector closed unchanged.
Overall, equities market capitalisation advanced by ₦40.90 billion, representing a growth of +0.12%, to close at ₦34,973.28 trillion from ₦35,932.38 trillion the previous day.
