The Nigerian Exchange (NGX) year-to-date return increased by about 36%, with the All-Share Index rising by 3%, or 2,954.14 points, to close at 101,571.11.
This is a three percent increase above the 98,616.97 reported on Tuesday. Similarly, investors won N1.62 trillion as the market capitalization finished at N55.583 trillion, up 3%.
As a result, the year-to-date (YTD) return increased to 35.84 percent. Investors traded a total of 488.49 million shares for N8.04 billion in 12,080 trades. Continued buying activity in industrial giants like as Dangote Cement, BUA Cement, and BUA Food maintained the market green.
Furthermore, market breadth closed positive with 35 equities on the leader’s log and 29 others on the laggard’s log. Analysis of the market activities showed that trade turnover settled lower relative to the previous session, with the value of transactions down by 50.62 per cent.
Transcorp led the activity table in volume with 95.11 million shares at worth N1.59 billion, while Universal Insurance sold 45.63 million shares valued at 18.60 million. Unity Bank traded shares of 27.34 million shares at N74.12 million, while Jaiz Bank sold shares worth 26.96 million shares valued at N76.92 million.
Japaul Gold & Venture Plc also traded shares worth 25.32 million units valued at N64.31 million. On the gainers’ table, Wapic Insurance led in percentage terms of 10 to close at 88k, followed by BUA Cement which gained N179.65 at 9.98 per cent per share.
Japaul Group garnered 9.91 per cent to close at N2.55, UPL Ltd. gained 9.82 per cent to close at N3.69, while Tripple Gee & Co. Plc rose by 9.69 per cent to close at N2.83 per share. Conversely, NEM Insurance led the losers’ table in percentage terms of 10 to close at N7.20, trailed by Cadbury Nigeria by 9.96 per cent to close at N23.50 per share.
Also, The Initiative Plc (TIP) shed 9.92 per cent to close at N2.27, while May & Baker Nigeria Plc lost 9.89 per cent to close at N6.65. McNichols Plc declined by 9.88 per cent to close at N1.46 per cent per share.
In a reaction, Mr Jude Chiemeka, Acting Chief Executive Officer (CEO), attributed the trend of positive performances recorded by the capital market to President Bola Tinubu Government’s reforms. Naira Steadies as Banks Issue Update on FX Purchase
Chiemeka, who told the News Agency of Nigeria (NAN) in Lagos, said that various reforms, under the current administration, affected the market positively. He identified the reforms to include the harmonisation of the Foreign Exchange (FX) rate, removal of fuel subsidies and the resilient drive to find liquidity, in terms of FX.
“The capital market is usually a barometer of the economy, and as such, the bullish trend witnessed lately, is a reflection of all the various reforms that the federal government is doing. The market, itself, is usually driven by demand and supply sentiment, the performance of companies and all the various elements of market hearsay,” the NGX boss said.
