The Nigerian Exchange (NGX) climbed by roughly N213 billion on the first trading session of the new week due to equities investors’ huge betting that began on Tuesday, as equities investors exhibited interest in the banking industry’s stocks.
Due to low investor mood, the stock market has been bumping for many trading sessions. The decision of the Central Bank of Nigeria (CBN) to postpone its policy committee meeting indefinitely sparked a negative reaction from equity investors.
The local bourse’s shift to bargain hunting boosted market performance indicators by +0.59%, while the year-to-date return surpassed 30% for the first time. According to local bourse statistics, market return increased to 30.28% in August 2023, outperforming an annual inflation rate of 25.8%.
Stockbrokers announced in their daily notes that the stock market index, or All-Share Index, rose 388.83 basis points today, or +0.59%, to close at 66,770.97 points.
However, Atlass Portfolios Limited informed clients through email that market activity was mixed. According to stock market statistics, the total volume traded climbed by +24.37%. The total value transacted, on the other hand, fell by -15.02%. In 7,537 transactions, 364.32 million units worth $3,851.01 million were moved.
In terms of volume, CHIPLC was the most traded stock, accounting for 19.79% of total transaction activity. FIDELITYBK (9.19%), OANDO (7.25%), GTCO (5.93%), and ACCESSCORP (5.51%) completed the top five in terms of volume.
GTCO was also the most traded stock in value terms, with 19.60% of the total value of trades on the exchange. BUACEMENT topped the advancers’ chart with a price appreciation of 9.94 per cent.
The company performance was trailed by BETAGLAS (9.93%), FTNCOCOA (+9.93%), OANDO (+9.55%), UACN (+8.50%), and nineteen others. Data from the local exchange showed that twenty-six stocks depreciated.
LINKASSURE was the top loser, with a price depreciation of -10.00%, as CWG (-9.94%), DAARCOMM (-8.00%), CADBURY (-6.83%), NASCON (-5.38%), and WEMABANK (-3.89%) also dipped in price.
Based on the trading pattern, the market breadth closed negative, recording 24 gainers and 26 losers. In addition, the market sector performance closed par. The Industrial and Banking sectors were up by +3.53% and +0.31% respectively, while the Insurance and Consumer goods sectors declined by -1.81% and -0.41% respectively.
The Oil & Gas sector closed unchanged. Overall, the stock market capitalisation surged by ₦212.81 billion, representing a growth of +0.59%, to close at ₦36.54 trillion from ₦36.33 trillion last Friday.
