The Nigerian Exchange’s (NGX) equities sector gained momentum on the back of favorable sentiment on currency reforms underway by the new government.
The recorded uptrend was fueled by positive investor sentiment following reports that the Central Bank of Nigeria has allowed the Naira to float freely in its I&E window. Tier 1 bank names sparked a market revaluation, with MTN Nigeria’s gains helping momentum.
As a result, the year-to-date increase in the Nigerian Exchange All Stocks Index (NGX ASI) was 17.04, even though the number of rising stocks (70 stocks) outweighed the number of falling stocks (13 stocks) on the exchange. increased to %. Therefore, the All Stocks Index closed at 59,985.10 points. Nigerian banks continue to rise: FBNH (+10.00%), STANBIC (+9.96%), FIDELITYBK (+9.85%), ACCESSCORP (9.79%), ETI (+9.75%), ZENITH BANK (+9.74%), UBA (+9.63%) and GTCO (9.42%) all ended the day higher.
Also, investors are DANGSUGAR (+10.00%), SEPLAT (+10.00%), MTNN (+10.00%), OKOMOIL (+9.95%), WAPIC (+9.80%), CUSTODN ( +9.68%, TRANSCORP (+9.63%) %), LASACO (9.60%), AIICO (9.22%), WAPCO (+6.05%), NB (+5.73%).
The investor also bought a stake in oil giant TOTAL (+9.99%) as the company announced an oil and gas discovery on his Ntokon Offshore OML 102. Performance of all sub-indexes tracked was mostly positive except for the NGX industrial index, which fell 1.13% due to the selling of cement giants BUACEMENT (-6.52%) and DANGCEM (-0.98%).
Meanwhile, market activity continued to improve, with total transaction number, transaction volume and value increasing by 15.22%, 9.28% and 9.65% respectively, with 11,947 stores, 1.3 billion units of merchandise and 210 transaction value. 180 million naira. Measured by market width, market sentiment was broadly positive (5.4x) with 70 tickers gaining while 13 stocks fell. DANGSUGAR (+10.0%) and INTBREW (+10.0%) topped the list of gainers, while PHARMDEKO (-9.7%) and CWG (-9.4%) posted the biggest losses of the day.
UBA emerged as the most actively traded stock on a volume basis, with 230.76 million shares valued at Naira 2.74 billion traded in 638 trades. By sector, Banks (+26.5%) and Insurance (+23.0%) recorded the biggest gains, followed by Oil & Gas (+16.0%) and Consumer Goods (+4.1%). The industrial product index (-1.1%) was the only one that fell on the day. Overall, the market capitalization of shares increased by Naira 991.8 billion to Naira 32.7 trillion.
