The Nigerian Exchange (NGX) recorded a big daily gain of over N1.6 trillion as part of the ongoing early surge in 2024. The continuing interest in Nigerian equities was fueled by a wide range of hopes and expectations.
As a consequence, stock market key performance indicators increased by +3.56% in a single day transaction volume across major NGX indexes. According to stockbrokers, the market’s favorable performance has been sustained as a result of investors’ strong buying appetite throughout the key market sectors, headed by the banking sector.
According to the local bourse, the banking index increased by +8.16% due to favorable price movement in the names of tier-1 banks. To close, the market index, or All-Share Index, climbed by 2,867.31 basis points, or +3.57% to close at 83,191.84.
Data from the domestic bourse revealed that market activities inched higher. Total volume and Total Value traded for the day increased by +18.46%, and +61.77% respectively. In its market update, Atlass Portfolios Limited said approximately 1,409.85 million units valued at ₦24,681.50 million were transacted in 17,144 deals.
FIDELITYBK was the most traded stock in terms of volume, accounting for 10.07% of the total volume of trades. The tier-2 bank was followed by FCMB (9.16%), UBA (8.36%), TRANSCORP (7.70%), and ACCESSCORP (6.05%) to complete the top 5 on the volume chart.
UBA was the most traded stock in value terms, with 26.79% of the total value of trades on the exchange. FBNH, FTNCOCOA, MBENEFIT, UNIVINSURE, CADBURY, GUINEAINS and UNILEVER topped the advancers’ chart with a price appreciation of 10.00 percent each.
These stocks were trailed by ZENITHBANK with (+9.99%) growth, WEMABANK (+9.99%), INTBREW (+9.98%), and sixty-two others.
Twelve stocks depreciated, according to stockbrokers notes. TOTAL was the top loser, with a price depreciation of -10.00%. Other stocks that registered losses include DAARCOMM (-9.40%), RTBRISCOE (-8.45%), SUNUASSUR (-7.69%), PRESTIGE (-7.41%), and THOMASWY (-6.37%).
Based on the pattern in the exchange, the market breadth closed largely positive, recording 72 gainers and 12 losers. In addition, the market sector performance was positive. Four out of the five major market sectors closed in the green, The Banking sector grew by +8.16% followed by the Insurance sector which popped higher by +6.37%.
The Consumer goods sector inched higher by +3.98% and the Industrial sector rose by +2.53%. The Oil & Gas sector was down by -2.35%. Overall, equities market capitalisation accelerated by ₦1. 567 trillion to close at ₦45.52 trillion.
FG Initiates Massive Rice Production to Counter Rising Food Prices
