After losing N622 billion, the Nigerian Exchange (NGX) recovered as investors bought back previously sold equities including Dangote Cement and FBNH.
After a significant record loss the day before, according to data from the local exchange, purchasing activity in blue-chip stocks including DANGCEM, FBNH, and 21 other companies increased market capitalization. According to the NGX record, the year-to-date return increased slightly to 27.23% as a result of the renewed shopping for deals that took place during the intraday trading session.
Stockbrokers said in their individual market updates that the market index or All-Share Index increased by 1,037.43 basis points, or a gain of +1.62%, to close at 65,204.82. Market activity increased given the day’s trading trend. Total trading volume and value both grew by +51.74%. and +119.49% respectively.
In an email to investors, Atlass Portfolios Limited said that 5,531 trades totaling over 361.20 million units valued at $5,743.64 million were completed. With FBNH accounting for 38.85% of all trade activity, it was the most actively traded stock in terms of volume.
The top 5 on the volume table were completed by the Tier-1 bank, FIDELITYBK (5.97%), UNIVINSURE (5.18%), TRANSCORP (4.80%), and UBA (3.63%).
According to market statistics, FBNH accounted for 45.43% of the total value of trades on the exchange and was the stock that was traded the most. The stock with the largest price increase among advancers was CHELLARAM, up 10.00 percent. SCOA (9.35%), DANGCEM (+9.34%), THOMASWY (+9.32%), CORNERST (+9.09%), and eighteen other companies lagged behind the firm.
Seventeen stocks depreciated despite a bullish momentum recorded. CAP was the top loser, with a price depreciation of -10.00% each, to close at ₦19.80. ACADEMY (-9.36%), DANGSUGAR (-6.63%), GLAXOSMITH (-6.60%), CHAMS (-5.05%), and WEMABANK (-4.30%) also dipped in price.
In that regard, the market breadth closed positive, recording 23 gainers and 17 losers. In addition, the market sector performance closed positive. This was indicated by the fact that three of the five major market sectors surged. The breakdown showed that the Industrial sector grew by 4.80%, followed by the Insurance sector (+0.60%), and the Banking sector (+0.19%).
Meanwhile, the Consumer goods sector was down by (-0.55%). The Oil & Gas sector closed unchanged. Overall, equities market capitalisation advanced by ₦564.84 billion, representing a growth of +1.62%, to close at ₦35,483.72 trillion the previous day.
