The Nigerian stock market continued its upward trend on Thursday, with investors registering a daily profit of Naira 270 billion. Equity investors expected market capitalization to rise by around Naira 34 trillion on the back of improving sentiment.
Data from the local stock exchange showed key performance indicators rose slightly on strong buying momentum on the floor of the Nigerian stock exchange. Higher Dangote cement prices were the main catalyst for the day’s gains, followed by consumer discretionary stocks.
Again, there was unusual volume trading at FBNH, but the slight rise suggests there were random buy and sell orders that sparked a price spike on Thursday as the market valuation of financial services neared Naira 700bn. are doing.
The all stocks index rose 81 basis points to close at 62,019.88 from 61,523.57 on Wednesday, according to exchange data. Year-to-date stock market returns rose to 21.01%, approaching inflationary pressures in May 2023, in contrast to sluggish bond market rates despite double-digit base rates.
The market index, or all stocks index, rose 496.31 basis points today, up +0.81% to close at 62,019.88 points. Brokers said the market activity picked up on the day, with trading volume and trading volume up +543.24% and +821.84% respectively.
According to Atlass Portfolios Limited, approximately 5,443.83 million units (worth £95.0514 billion) were settled in 9,948 transactions. FBNH was the most traded stock on a volume basis, accounting for 86.19% of total volume, followed by FCMB (2.33%), ACCESSCORP (1.04%), JAPAUULGOLD (1.01%) and STERLINGNG (0.86%). Top 5 in volume table. In addition, FBNH was also the most traded stock by value, accounting for 92.43% of total forex trading volume. ETERNA, UBN, CONOIL, LEARNAFRCA and MRS topped the leaderboard with 10.00% gains each.
These stocks saw NASCON up 9.95%, ETRANSACT up 9.88%, JAPAUULGOLD up 9.78% and ABCTRANS up 9.76%. There were 45 other winners of his on the market today.
DANGCEM up 1.75%, PRESCO up 2.56%, FBNH up 2.70%, JAPULGOLD up a staggering 9.78%, CONOIL and MRS both post huge gains of 10%, NASCON a stunning A 9.95% increase was recorded. 18 stocks fell, the biggest loser was WAPIC, down -9.59%, along with UPDC (-9.24%), HONYFLOUR (-7.46%), CHAMPION (-5.00%), JAIZBANK (-2.22%), FLOURMILL -9.59% down to close at ₦0.66. (-1.32%) also fell.
According to the exchange’s data, the market range ended positive, registering 54 gainers and 18 losers. Market sector performance thus ended positive with three of the five major market sectors finishing green.
The oil and gas index rose slightly by 2.36%, followed by the industrial index by 0.93% and the consumer goods sector by 0.22%. Meanwhile, the banking and insurance sectors fell -2.48% and -0.55%, respectively. Overall, the market capitalization of stocks closed at ₦33,770.44 trillion, up ₦270.25 billion compared to ₦33,500.19 trillion yesterday.
