The Nigerian Exchange’s (NGX) equity market capitalization increased by almost N273 billion on Wednesday as the local bourse’s bull market continued to flourish. In response to the spot rate reduction at the Central Bank main market auction, the stock market saw robust purchasing demand once more.
Stockbrokers said that trading concluded favorably, extending the bourse’s bullish streak to eight trading days in a row. Market performance metrics increased by +0.47% as a result.
In its market update, Atlass Portfolios Limited reported that investors’ buying interest had increased across all of the key market sectors, with the financial sector leading the way. Stockbrokers reported that in just eight days, investors’ wealth had soared by ₦4.77 trillion.
Nigerian Exchange data showed that the market index or All-Share Index increased by 482.92 basis points today, representing a rise of +0.47% to close at 104,007.36.
However, market activities went downward, according to NGX results for today. Total volume and total value traded for the day were reduced by -42.21% and -35.93% respectively. Approximately 326.95 million units valued at ₦9,119.60 million were transacted in 9,570 deals, Atlass Portfolios stated in its market update.
TRANSCORP was the most traded stock in terms of volume, accounting for 11.93% of the total volume of trades. The conglomerate was followed by UNITYBNK (11.39%), GTCO (8.10%), UBA (6.52%), and FBNH (5.70%) to complete the top 5 on the volume chart.
NESTLE was the most traded stock in value terms, with 16.50% of the total value of trades on the exchange. ETI and JBERGER topped the advancers’ chart for today with a price appreciation of 10.00 per cent each.
The duo were trailed by NEM with (+9.92%) growth, RTBRISCOE (+8.89%), DEAPCAP (+8.70%), OMATEK (+8.70%), GUINEAINS (+8.57%), and twenty-five others.
Twenty-three stocks depreciated, stockbrokers told investors in their separate market updates. SKYAVN was the top loser, with a price depreciation of -10.00%. Also on the loser chart are SUNUASSUR (-9.62%), MAYBAKER (-5.90%), JAPAULGOLD (-4.35%), UCAP (-3.98%), and UNILEVER (-3.31%).
Based on the trading pattern, the market breadth closed positive, recording 32 gainers and 23 losers. In addition, the market sector performance was positive.
Today, four of the five major market sectors were up, led by the Banking sector which grew by +1.95%. The Insurance sector rose by 0.79%, the Consumer goods sector edged higher by 0.22% and the Industrial sector advanced by +0.0.03%. The Oil & Gas sector closed flat.
Overall, equities market capitalization gained ₦273.11 billion, representing a growth of +0.47%, to close at ₦58.81 trillion.
