On Thursday, the Nigerian Exchange (NGX) recovered by more than N18 billion as a result of investors looking for deals in growth and value companies. Investors in the stock market increased their desire to purchase shares in listed firms like International Breweries, Dangote Sugar, and others.
All of the listed stocks’ modest capital gains were driven mostly by a resurgence in interest in consumer goods companies including DANGSUGAR (+1.82%), INTBREW (+6.67%), and NASCON (+5.69%).
Unenthusiastic investor attitudes contributed to a midweek decline on the local stock exchange, which in turn sparked selling surges. Statistics from the local exchange show that market indices climbed by 0.13%, reversing the day’s adverse price movements on bellwether businesses like MTN Nigeria.
The year-to-date return increased to 29.89%, according to data from the NGX, which is still higher than the annual inflation rate of 25.8% but at a relatively lower level after breaking the 30% mark. The market index, also known as the NGX All-Share Index, rose by 87.91 basis points, or 0.13%, to settle at 66,570.19 points, according to stockbrokers.
Stock dealers reported positive market activity in their individual reports, including increases in total volume and total value moved of +54.27% and +2.95%, respectively. Atlass Portfolios Limited stated that approximately 1,104.38 million units valued at ₦4,733.05 million were transacted in 6,959 deals.
OANDO was the most traded stock in terms of volume, accounting for 21.03% of the total volume of trades. The energy company was followed by UNIVINSURE (13.21%), FIDELITYBK (9.83%), STERLINGNG (6.84%), and ELLAHLAKES (5.32%) to complete the top 5 on the volume chart, Atlass Portfolios Limited said in its market report.
With the ongoing rally, OANDO was also the most traded stock in value terms, with 20.59% of the total value of trades on the exchange.
WEMABANK topped the advancers’ chart for today with a price appreciation of 9.93 per cent, trailed by THOMASWY (9.74%), REGALINS (+8.82%), DAARCOMM (+8.70%), ROYALEX (+8.70%), and nineteen others.
Market data showed that nineteen stocks depreciated despite renewed buying interest in the local bourse. CHAMPION was the top loser, with a price depreciation of 9.87%. ABCTRANS market price went down by 9.72%.
UPDC dipped by 8.57% today, followed by a 6.98% decline in the market price of OMATEK. FLOURMILL slipped by 1.52% due to profit-takings in the consumer goods stocks. UCAP also lost 1.16% of its market price.
As a result of the trading pattern witnessed, the market breadth closed positive, recording 24 gainers and 19 losers, though sectorial performance closed positive
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