On Thursday, strong demand for growth and value stocks on the Nigerian Exchange (NGX) drove key performance indicators higher, adding nearly N542 billion to investors’ wealth.
Following last week’s shift in market attitude, the local bourse continued the previous day’s purchasing activity, resulting in an increase in year-to-date return to 27.34%. Atlass Portfolios Limited informed investors in a market update that the market index, or All-Share Index, climbed by 995.70 basis points, or +1.55%, to close at 65,263.06.
Market activity was up overall, with a record level of hunting, keeping the previous tempo tight and clean despite the projection that the local bourse valuation will reach N36 trillion, having shook off lackluster results performance by several listed businesses.
In the market, total volume and total value traded increased by +34.62% and +19.14% respectively. Citing market results, stockbrokers told investors that approximately 445.28 million units valued at ₦5,087.09 million were transacted in 7,095 deals.
STERLINGNG was the most traded stock in terms of volume, accounting for 15.60% of the total volume of trades. The financial services group was followed by FCMB (7.49%), ACCESSCORP (7.41%), JAPAULGOLD (6.37%), and FIDELITYBK (6.19%) to complete the top 5 on the volume chart.
ACCESSCORP was the most traded stock in value terms, with 11.19% of the total value of trades on the exchange. STERLINGNG, NB, and PZ topped the advancers’ chart for today with a price appreciation of 10.00 percent each.
These popular stocks were trailed by CHELLARAM (9.96%), DANGSUGAR (+9.95%), NASCON (+9.95%), ABBEYBDS (+9.92%), and forty-three others. Ten stocks depreciated, according to trading results from the local exchange. ETERNA was the top loser, with a price depreciation of 9.83%, to close at ₦23.40.
JOHNHOLT lost 9.82%, THOMASWY fell by 9.40%, MCNICHOLS declined by 9.33%, COURTVILLE went downward by 9.09%, and STANBIC tumbled by 6.47% in the market due to selloffs.
Despite these, the market breadth closed largely positive, recording 50 gainers and 10 losers. Also, the market sector performance closed positive.
NGX trading records showed that four of the five major market sectors were up. The Banking sector gained 3.19%, followed by the Insurance sector (+2.48%), the Consumer goods sector (+2.24%), and the Industrial (+0.01%), while the Oil & Gas sector dropped by -0.57%.
Overall, equities market capitalisation swelled by ₦541.85 billion, representing a growth of +1.55%, to close at ₦35,515.13 trillion from ₦34,973.28 trillion yesterday.
