The Nigerian Exchange’s (NGX) equity market capitalization has been steadily approaching N40 trillion as investors in stocks keep increasing. It has been trading at an all-time high in comparison to its counterparts in the developing market.
The persistent interest in the banking industry and other growth-attractive indices on the local exchange, together with efforts to boost the country’s economic performance, is what’s causing the momentum. For the fifth straight trading day, the market closed transaction positive, according to Atlass Portfolios Limited’s market report, which helped performance indicators rise by an additional 0.22%.
The gain observed on Thursday was ascribed by stockbrokers to heightened interest in purchasing some significant market sectors, with the banking sector leading the way with a +1.90% growth.
Consequently, the market year-to-date return surged to 41.37%, as investors’ wealth expanded by more than ₦85 billion. The market index or the Nigerian Exchange All-Share Index increased by 156.04 basis points today, representing a rise of +0.22% to close at 72,455.83.
However, market activities were mixed, as the total volume traded grew by +3.09%, while the total value traded dropped by -10.16%, data from the domestic bourse showed.
Citing data from the Nigerian Exchange website, stockbrokers said approximately 446.58 million units valued at ₦7,255.70 million were transacted in 6,845 deals.
ACCESSCORP was the most traded stock in terms of volume, accounting for 17.43% of the total volume of trades. Nigeria’s largest commercial bank was followed by FCMB (10.21%), ZENITH BANK (8.41%), UBA (6.61%), and FIDELITYBK (6.21%) to complete the top 5 on the volume chart.
As expected, ACCESSCORP was the most traded stock in value terms, with 24.25% of the total value of trades on the exchange. INFINITY topped the advancers’ chart with a price appreciation of 9.83 per cent. The company was trailed by JOHNHOLT (9.73%), IKEJAHOTEL (+9.20%), DAARCOMM (+7.69%), ETRANSACT (+7.69%), and twenty-one others.
Twenty-six stocks depreciated, according to data from the Nigerian Exchange. RTBRISCOE was the top loser, with a price depreciation of -9.84%, as OMATEK (-7.79%), JAPAULGOLD (-4.85%), CORNERST (-4.14%), JAIZBANK (-3.85%), and FTNCOCOA (-2.58%).
Based on the trading pattern, the market breadth closed par, recording 26 gainers and 26 losers. Also, the market sector performance was positive, as four of the five major market sectors were up, led by the Banking sector which grew by (+1.90%), followed by the Oil & Gas and Industrial sectors which grew by (+0.02%).
The Consumer goods sector gained +0.01%, while the Insurance sector was down by -1.94%. Overall, the equities market capitalisation of the Nigerian Exchange surged by ₦85.38 billion to close at ₦39.65 trillion from ₦39.56 trillion from the previous day.
