The worth of stock market investors increased by more over N259 billion on Thursday, reaching approximately N56.2 trillion. The increase was caused by bargain hunting in oil and gas and banking stocks, which increased the capitalization of the Nigerian Exchange (NGX) equity market.
The significant daily gain increased the value of the stock market to N56 trillion and increased the return for the year to 35%. Following a few weeks of bearish trading, the market has been closing in favorably for four straight trading sessions on the domestic exchange.
Indicators of market performance increased by +0.46% due to better bellwether mood. Among the other performers propelling the pace in the Lagos stock exchange are SEPLAT, ETERNA, and GTCO. Consequently, today’s increase in the market index, commonly referred to as the All-Share Index, was 457.99 basis points, or +0.46%.
Stockbrokers noted that market activities ended on a mixed note due to divergent views among equity investors. The overall value traded crept up by +14.04%, but the total volume traded fell by -40.32%. Atlass Portfolios Limited told investors in its market update that approximately 309.71 million units valued at ₦5,436.18 million were transacted in 7,035 deals.
ACCESSCORP was the most traded stock in terms of volume, accounting for 16.72% of the total volume of trades. Other volume drivers include ZENITHBANK (12.67%), UNIVINSURE (6.84%), FCMB (6.75%), and FIDELITYBK (6.18%).
ZENITHBANK was the most traded stock in value terms, accounting for 24.03% of the total value of trades on the exchange on Thursday. INTENEGINS, and SEPLAT topped the advancers’ chart with a price appreciation of 10.00 percent each,
The duo were trailed by ETERNA with (+9.87%) growth, CONHALLPLC (+9.84%), JAPAULGOLD (+9.73%), NEM (+9.72%), OMATEK (+8.47%), and twenty-five others.
Twelve stocks lost value today, stockbrokers reported. Cornerstone Inusrance was the top loser, with a price depreciation of -8.81%. Other losers are: INTBREW (-8.75%), UNIVINSURE (-5.71%), STERLINGNG (-4.05%), TRANSCORP (-1.28%), and MANSARD (-0.93%).
Given the trading direction that has persisted in the week, equities market breadth closed positive, recording 32 gainers and 12 losers. A positive note was also reached in the market sector’s performance.
With an increase of +5.98%, the Oil & Gas sector led the way, as three of the five major market sectors saw slight increases. The banking sector advanced by +1.37% and the Insurance index grew by +0.43%. On the other hand, the consumer goods and industrial sectors dropped by -0.11% and -0.01%, respectively.
Overall, the equities market capitalisation of the Nigerian Exchange (NGX) gained ₦259.08 billion to close at ₦56.16 trillion.
