NGX Spikes by N448bn as Market Sentiment Improves
The equities segment of the Nigerian Exchange (NGX) consolidated its bullish position following a spike in the market price of Dangote Cement and other companies’ shares. Futureview Financial Services Limited told investors that over 35 billion trades in value were seen in Ticker: DANGCEM.
Stockbrokers said in their updates that the strong bargain hunting in the market resulted in a 131 basis points increase for the All-Share Index (NGXASI). On Tuesday, the market index rose to close at 63,766.72 points, compared to its previous session close of 62,943.35 points.
Major drivers of the large daily gain recorded were Dangote cement which jumped up by 6.67%, ETERNA rose by 9.92% and MANSARD gained 9.79% positive price movement. Also, FBNH gained 3.75%, FLOURMILL jumped up by 3.33% and GTCO surged by 1.47% in addition to other 54 stocks that rallied.
Data from the local bourse showed that year-to-date (YTD) return inched higher to 24.42% amidst rising inflation reading in the country. In the first two trading sessions this week, investors’ wealth has surged by about ₦651 billion as the domestic bourse recoup loss recorded last week.
Based on record performance, market activities improved. Total volume and total value traded for the day increased by +22.36% and +209.54% accordingly. Approximately 868.80 million units valued at ₦42,806.84 million were transacted in 8,970 deals, Atlass Portfolios Limited said in its market update.
FCMB was the most traded stock in terms of volume, accounting for 17.71% of the total volume of trade. The bank was followed by JAPAULGOLD (12.72%), DANGCEM (12.07%), ACCESSCORP (5.70%), and FIDELITYBK (4.82%) to complete the top 5 on the volume chart.
Meanwhile, DANGCEM was the most traded stock in value terms, with 83.67% of the total value of trades on the exchange. NEM, NPFMCRFBK, and HONYFLOUR topped the advancers’ chart with a price appreciation of 10.00 percent.
The duo were trailed by ETERNA (9.92%), PZ (+9.88%), CHELLARAM (+9.84%), ACADEMY (+9.84%). Twenty stocks depreciated, where JAPAULGOLD was the top loser, with a price depreciation of -10.00%, to close at ₦0.81.
FTNCOCOA (-9.84%), COURTVILLE (-8.64%), STANBIC (-6.86%), ZENITHBANK (-3.39%), and DANGSUGAR (-2.14%) also dipped in price.
At the end of the trading session, the market breadth closed positive, recording 50 gainers and 20 losers. In addition, the market sector performance closed positive, as four of the five major market sectors were rose.
The Insurance (+4.3%), Industrial Goods (+3.6%), Consumer Goods (+0.7%), and Oil & Gas (+0.6%) indices advanced, while the Banking (-0.2%) index was the sole loser of the day.
Overall, stock market capitalisation gained ₦448.33 billion to close at ₦34,721.61 trillion from ₦34,273.28 trillion the previous day. # NGX Spikes by N448bn as Market Sentiment Improves. #NGX Spikes by N448bn as Market Sentiment Improves Fidelity Bank Loses 25% of Its Market Value
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