The Nigerian Exchange’s (NGX) stock market surged on Wednesday, erasing the loss from the day before, as local investors gave the presidential election a low chance. Key performance indicators increased considerably as a result of strong purchasing interest in the shares of mid- and large-cap firms amid the positive mood on the Lagos Stock Exchange.
According to market watchers, Geregu Power Plc’s high purchasing interest ahead of the company’s planned dividend payments helped to boost the market. Stockbrokers at Atlass Portfolios Ltd sent investors an email informing them that the year-to-date return had increased to 5.98% and investor wealth had increased by 69 billion Naira.
To conclude at 54,315.53 points, the Nigerian Exchange All-share index gained 126.22 basis points, or +0.23%. Consequently, from the previous day’s closing value of 29,519.81 trillion, the equity market capitalization increased marginally by 68.76 billion to conclude at 29,588.57 trillion.
The overall volume and value traded for the day decreased by -48.89% and -74.82%, respectively, indicating that market activity was down. Customers of Atlass Portfolios Ltd were informed via email that 2,678 transactions totaling roughly 129.91 million units valued at $3,922.79 million had taken place.
With 13.20% of the total number of transactions, AIICO was the stock with the highest amount of trading, followed by ZENITHBANK (10.61%), GTCO (10.11%), TRANSCORP (9.83%), and COURTVILLE (8.71%) to round out the top 5.
Meanwhile, SEPLAT Plc was also the most traded stock in value terms, with 28.03% of the total value of trades on the exchange. GEREGU topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by JOHNHOLT (9.59%), UPL (5.26%), VERITASKAP (5.00%), TRANSCORP (4.20%), and twelve (12) others.
Ten stocks depreciated, where WAPIC was the top loser, with a price depreciation of -6.82%, as ROYALEX (-6.67%), MBENEFIT (-5.88%), HONYFLOUR (-3.20%), and FIDELITYBK (-1.57%) also dipped in price.
Today, the market breadth closed positive, recording 17 gainers and 10 losers as market sector performance closed positive. Two out of the five major market sectors were up, which includes the Banking sector (+0.25%), and the Consumer goods sector (+0.01%).
The Insurance sector recedes by -0.79%, while the Industrial and Oil & Gas sectors were unchanged.
