NGX Surges By N185bn As Banking, Consumer Stocks Rally

Stock Exchange Closes Trading Week With N30bn Gain

On Tuesday, equity investors on the Nigerian Exchange (NGX) earned almost N185 billion as consumer goods prices continued to rise. As other corporations reported half-year financial accounts, key performance indicators improved even more.

The NGX All Share Index gained 0.51% during today’s trading session, closing at 66,490.34 points. This upward rise was supported by increased buy-side activity in major companies such as FLOURMILL 10.00%, NASCON 9.96%, DANGSUGAR 9.95%, TRANSCORP 9.87%, NB 5.12%, WAPCO 4.01%, ACCESSCORP 3.44%, ZENITHBANK 2.29%, GTCO 1.81%, FBNH 1.51%, and others.

As a consequence of bargain hunters’ actions on the local bourse, the year-to-date return increased to 29.73% from 29% on Monday, while monthly returns increased by 3.35%. According to data from the local market, overall trading value increased by 79.28%, totaling N 7.01 billion.

Similarly, trading volume increased by 40.45%, with a total of 436.95 million units moved in 7,932 transactions. FLOURMILL, CHAMPION, and NASCON all had significant increases of 10.00%, 10.00%, and 9.96%, respectively.

CWG, LINKASSURE, and CHELLARAM, on the other hand, had decreases of -10.00%, -10.00%, and -9.85%, respectively. Stockbrokers reported an increase in activity, with volume and value traded increasing by 40.5% and 79.1%, respectively, to 437.0 million units and 7.0 billion.

Afrinvest said in its market update that performance across sectors within its purview was mixed with a positive tilt as 3 indices gained, 2 lost while the AFR-ICT index closed flat.

Investor sentiment, as measured by market breadth, weakened to 0.04x from 0.16x in the prior session as 34 stocks advanced, 32 declined, and 50 closed flat.

The Banking index gained the most, up 1.6% due to buying interest in STERLING (+2.7%) and ZENITH (+2.3%). Following suit, the Consumer and Industrial Goods indices rose 1.0% and 0.2% respectively due to gains in DANGSUGAR (+10.0%), NASCON (+10.0%), and WAPCO (+4.01%).

Conversely, the price decline in LINKASSURE (-10.0%), CORNEST (-2.1%) and ETERNA (-2.5%) weighed on the Insurance and Oil & Gas indices, down 1.5% and 0.1% respectively. Overall, market capitalisation increased by ₦184.6 billion to ₦36.4 trillion. Banking, Consumer Stocks Lift Nigerian Exchange Up by N185bn

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