The Nigerian Exchange (NGX) increased by N88 billion in the middle of the week as gains in Nigerian Breweries and other companies combined with increased demand for shares of Tier-1 banks to drive up the banking index. Key performance metrics increase, and year-to-date gains increased despite a persistent rise on growth and value stocks on the regional stock exchange.
The All-Share Index (ASI), according to data from the Nigerian Exchange, increased by 161.53 basis points, or 0.31 percent, to close at 52,580.86 as opposed to 52,419.33 on Tuesday. The market’s positive territory was driven by ongoing stakes in Zenith Bank, Guaranty Trust Holding Company (GTCO), and FirstBank of Nigeria Holdings (FBNH).
As a result, the year-to-date (YTD) return increased to 2.59%. MRS saw the largest price increase, up 9.93% to settle at N37.10 per share.
Cornerstone Insurance increased by 9.47 percent to settle at 81k per share, while Nigerian Breweries gained 9.63 percent to close at N38.70. While Royal Exchange increased by 8.33 percent to end at 52k per share, FTNCocoa Processors increased by 8.82 percent to close at N37k.
Consolidated Hallmark Insurance, on the other hand, topped the losers’ table by 7.69% to settle at 60k per share. Following May & Baker, Sovereign Trust Insurance, with a 6.52 percent fall to close at 43k per share, and May & Baker with a 6.74 percent decline to close at N4.15.
Caverton Offshore Support Group fell by 4.76 percent to close at N1, while Transnational Corporation (Transcorp) lost 5.23% of its value to conclude at N2.90. Analysis of market activity revealed that trade turnover increased in comparison to the prior session, with the value of transactions rising by 16.24%.
In a total of 6,666 transactions, 680.80 million shares worth N7.89 billion were traded. With 254.05 million units exchanged, Fidelity Bank topped the volume chart, while GTCO topped the value one with transactions totaling N1.57 billion.
Across the sectors, activities were broadly positive. The Consumer Goods index rose by +1.1%, banking popped up by 1.0%. The Oil & Gas index tracked higher by +0.5%, with same gain seen in the Insurance sector (+0.5%). Meanwhile, the Industrial Goods (-0.1%) index declined.
Overall, the equities market capitalisation advanced by N88 billion or 0.31 per cent to close at N28.63 trillion from N28.542 trillion posted on Tuesday.