The value of the Nigerian Exchange’s (NGX) equity market is rapidly approaching N59 trillion, having increased by around N837 billion as a result of persistent purchasing momentum in growth and value companies on the local exchange.
Notably, equities that have lost ground are rising from their current positions. One such company is MTN Nigeria, which dropped sharply after reporting lower-than-expected results. While Transcorp Power Plc’s market price is being driven higher by the shortage of its shares, the highly volatile FBNH stock continued to rise.
The Nigerian equity market concluded trading activity for the day in a bullish manner as a result of an improvement in market mood. Despite the fixed income market’s elevated yield, key market performance indicators experienced a notable surge, rising by +1.45%.
In a note, Atlass Portfolios Limited said the market’s positive performance was due to investors’ increased buying appetite in some medium and large-scale stocks such as UBA, MTNN, FBNH, and others. Based on records, the market index or All-Share Index increased by 1,479.60 basis points today, representing a rise of +1.45% to close at 103,524.44.
Equities market activities ended on a mixed note, according to data from the domestic bourse. The total volume traded for the day increased by +29.50%, while the total value traded decreased by -16.76%.
According to Atlass Portfolios Limited, approximately 565.79 million units valued at ₦14,233.93 million were transacted in 11,519 deals. TRANSCORP was the most traded stock in terms of volume, accounting for 30.46% of the total volume of trades.
The conglomerate was followed by ACCESSCORP (8.67%), GTCO (6.97%), JAIZBANK (6.56%), and UBA (5.70%) to complete the top 5 on the volume chart. Due to sustained demand and higher prices, TRANSPOWER was the most traded stock in value terms, with 24.68% of the total value of trades on the exchange.
UBA topped the advancers’ chart for today with a price appreciation of 10.00 per cent, trailed by MTNN with (+9.98%) growth, JBERGER (+9.71%), ACCESSCORP (+9.51%), VERITASKAP (+9.38%), UNIVINSURE (+8.33%), and twenty-nine others.
Thirteen stocks depreciated, stockbrokers said in their separate reports. TANTALIZER was the top loser, with a price depreciation of -7.89%. Also on the loser chart are NASCON (-6.77%), MORISON (-6.62%), CILEASING (-6.45%), ELLAHLAKES (-5.78%), and DANGSUGAR (-5.23%).
Today, the market breadth closed positive, recording 35 gainers and 13 losers. Likewise, the market sector performance was positive, as three of the five major market sectors closed in the green.
The Banking index grew by +5.36% followed by the Insurance sector which gained +1.18% and the Oil & Gas sector popped by +0.12%. The Consumer goods sector was down by -0.43%. The Industrial sector closed flat.
Overall, equities market capitalisation of the Nigerian Exchange advanced by ₦836.59 billion, representing a growth of +1.45%, to close at ₦58.53 trillion.
