Despite a 100 basis point increase in the monetary authority’s interest rate in November 2022, the Nigerian Exchange’s (NGX) performance has kept investors delighted ever since.
Contrary to certain experts’ predictions, the local stock exchange has maintained its growth thanks to the appeal of several mid- and large-cap equities that became more affordable during the previous gloomy market trade.
Stockbrokers at Cowry Asset suggest that HONEYFLOUR, MAYBAKER, NB, GEREGU, and NESTLE were today’s toast of investors as their respective share prices increased by 6.14%, 5.26%, 4.62%, 2.78%, and 1.67%, respectively.
As a result, at the end of the trading session on Wednesday, the Nigerian Exchange All-share index rose by +0.12%, raising the year-to-date gain to +13.37%.
Trading statistics show that the market capitalization increased 32.58 billion to conclude at 26.376.61 trillion from the previous day, while the All-share indicator increased 59.80 basis points to close at 48.426.49 points.
According to trade figures for the day, stock market activity decreased despite the purchasing demand. Total trading volume and value both decreased by 20.82% and 6.02%, respectively.
Separate Broadstreet stockbrokers’ notes state that 2,810 trades totaling around 146.21 million units worth $3,356.68 million were completed. Return Increases as the Stock Market Gains More
The recent spike in trade on FBNH meant that information on trading activity on the financial services holding company was not unexpected. In terms of volume traded today, FBNH was the most traded stock in terms of volume. Transaction on the bank’s share accounts for 40.56% of the total volume of trades.
It was followed by GEREGU (9.77%), ZENITH BANK (8.56%), STERLNBANK (4.81%), and UBA (4.73%) to complete the top 5 on the volume chart, according to Atlass Portfolios Limited. However, GEREGU was the most traded stock in value terms.
The trade on the Power Company’s share is worth 45.72% of the total value of trades on the exchange. THOMASWY topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by JAPAUGOLD (7.41%), HONYFLOUR (6.14%), MAYBAKER (5.26%), NB (4.62%), and seven (7) others.
On the loser’s chart were seventeen stocks, led by SCOA with a price depreciation of -9.38% to close at ₦0.87. The company was trailed by UNITYBNK which lost 7.02% while CORNERST was priced down by 6.25%.
Also, COURTVILLE fell by 6.00%, FLOURMILL dipped by 1.78%, and OANDO share dropped by 0.51%. Even with the upbeat, the market breadth closed negative, recording 12 gainers and 17 losers.
Also, market sector performance closed negative, with three out of the five major market sectors down, led by the Insurance sector (-0.55%), followed by the Banking sector (-0.17%), and the Oil & Gas sector (-0.08). The Consumer goods sector rose by +0.90%, while the Industrial sector closed unchanged. # NGX Maintains Upbeat as Geregu, Nestlé Rally.
