Investors in stocks that trade highs and lows on the Nigerian Exchange (NGX) made over N739 billion in gains during the middle of the week due to a persistent upward rally in the local stock exchange, reaching an all-time high (ATH) performance as market participants changed their positions.
With the present trend, stockbrokers predict that the market capitalization of the local exchange might surpass N40 trillion, following its spectacular debut in 2023.
According to statistics from the local exchange, stock market performance indicators increased by 1.94%, building on the gains of the previous several days. The exchange rose as a result of bargain hunting in several bellwether stocks; favorable price moves were seen in AIRTELAFRI, FBNH, CADBURY, and other stocks during the earnings release.
As a result, the year-to-date return increased to +37.72%, far above the 26.72% annual inflation rate. In just three trading days, the value of equity investors grew by around ₦1.90 trillion, according to a market report from Atlass Portfolios Limited.
The market index, also known as the All-Share Index, gained 1,345.57 basis points, or +1.94%, to close at 70,581.76, according to data retrieved from the Nigerian Exchange.
Stockbrokers reported a little increase in trading activity at the exchange in their individual market reports. The entire volume and total value traded grew by +24.51% and +82.25%, respectively, according to data from the local market.
Approximately 601.73 million units valued at ₦11,016.06 million were transacted in 7,444 deals, Atlass Portfolios Limited told investors in its update. UBA was the most traded stock in terms of volume, accounting for 27.70% of the total volume of trades.
The Pan African lender was followed by FBNH (15.78%), GTCO (7.63%), ACCESSCORP (6.12%), and UNIVINSURE (5.79%) to complete the top 5 on the volume chart.
Following strong earnings growth, UBA appeared as the most traded stock in value terms, with 31.55% of the total value of trades on the exchange. AIRTELAFRI topped the advancers’ chart with a price appreciation of 10.00 per cent, trailed by CHAMS (9.91%), UPL (+9.91%), NEM (+9.90%), FBNH (+9.78%), and thirty-two others.
Fifteen stocks depreciated, according to data from the Nigerian Exchange. CAVERTON was the top loser, with a price depreciation of -7.74%.
Others on the losers chart are CHAMPION (-6.85%), UNILEVER (-2.44%), BERGER (-1.52%), DANGSUGAR (-1.51%), and FIDELITYBK (-0.60%). Based on the trading record seen today, the market breadth closed positive, recording 37 gainers and 15 losers. In addition, the market sector performance was positive.
Two of the five major market sectors surged, led by the Insurance sector which grew by +3.73%, and a 2.21% surge in the Banking index. The Consumer goods sector dropped slightly by -0.14% while the Oil & Gas and Industrial sectors closed flat.
Overall, equities market capitalisation increased by ₦739.26 billion, representing a growth of +1.94%, to close at ₦38.77 trillion from ₦38.04 trillion yesterday.
