The market capitalization of Nigerian Exchange (NGX) stocks exceeded N38 trillion on Tuesday as favorable price movements led to gains of almost N618 billion for investors. The exchange reached its highest point during the third quarter of the fiscal year’s results release thanks to a persistent bullish run.
Atlass Portfolios Limited stockbrokers reported that the daily spike witnessed the biggest amount of activity ever. According to the company’s market update, “the equity market closed trading activities for today bullish, hitting its highest level ever.” The optimistic attitude caused key indicators to rise by +1.65%.
The robust growth in value of several medium- and large-cap stocks was ascribed by stock experts to an amelioration in investor mood. significant market participants who rose on Tuesday included AIRTELAFRI, FBNH and UBA, supported by other lightweight.
A spike in demand for the regional equities caused the year-to-date return to reach +35.09%, with investors’ wealth increasing by around ₦1.15 trillion in only two days, according to Atlass Portfolios. The Nigerian Exchange All-Share Index, often known as the market index, gained 1,124.48 basis points at the end of trading sessions, or +1.65%, to close at 69,236.19.
Brokers’ market reports, which were acquired from the local exchange, indicate that there was a mixed bag of activity in the market. The total amount transacted saw a +12.29% boost.
The whole value transacted decreased by 26.80% throughout this time. Stockbrokers stated that 8,027 transactions totaling about 483.27 million units valued at ₦6,044.48 million were completed, citing information from the domestic exchange.
JAPAULGOLD was the most traded stock in terms of volume, accounting for 32.20% of the total volume of trades. The company was followed by UBA (7.02%), ZENITHBANK (6.19%), ACCESSCORP (5.68%), and CHAMS (4.66%) to complete the top 5 on the volume chart.
ZENITHBANK was the most traded stock in value terms, with 16.49% of the total value of trades on the exchange. AIRTELAFRI topped the advancers’ chart with a price appreciation of 10.00 per cent.
Other stocks on the gainers’ chart include CADBURY (9.92%), NNFM (+9.92%), CHAMS (+9.90%), ABCTRANS (+9.72%), and thirty-five others. Twenty-five stocks depreciated, where BETAGLAS was the top loser, with a price depreciation of -9.93%, as UPL (-9.79%), ELLAHLAKES (-9.56%), MCNICHOLS (-6.56%), VFDGROUP (-6.05%), and HONYFLOUR (-2.82%) also dipped in price.
Given the trading pattern, the market breadth closed positive, recording 40 gainers and 25 losers.
Also, the market sector performance was positive. Trading results showed that three of the five major market sectors were up. The indexes was led by the Insurance sector which grew by +1.87%, followed by the Banking sector which popped up by +0.94%. The Industrial sector advanced by +0.09% while the Consumer goods sector dropped slightly by -0.02%. The Oil & Gas sector closed Flat.
Overall, equities market capitalisation surged by ₦617.79 billion, representing a growth of +1.65%, to close at ₦38.04 trillion from ₦37.42 trillion yesterday.
