The Nigerian Exchange (NGX) surpassed N91 trillion in market capitalisation at the start of the week amid increased bargain-hunting activity. The stock market opened the week positively, with key indicators rising by 1.99%.
Year-to-date returns on the NGX climbed to 40%, outperforming the current annual inflation rate of 22.22%. Stockbrokers attributed the upward trend to sustained buying interest in large-cap and mid-cap stocks with strong fundamentals.
Leading contributors to the rise in market capitalisation included BUAFOODS, DANGCEM, CHAMPIONS, alongside 44 other companies across major sectors. Investor sentiment remained optimistic, supported by the ongoing release of second-quarter corporate earnings and a steady decline in fixed-income yields, encouraging a rotation into equities.
Trading data showed the All-Share Index surged by 2,811.18 basis points during today’s session, marking a 1.99% increase to close at a new all-time high of 144,074.23.
Despite the gains, market activity slowed, with total trade volume and value falling by 24.84% and 27.48%, respectively. Atlass Portfolio Limited reported that approximately 811.10 million units worth ₦19,471.77 million exchanged hands across 35,963 deals.
FCMB led in trade volume, accounting for 10.49% of all transactions, followed by UNIVINSURE (10.19%), FIDELITYBK (5.61%), AIICO (4.96%), and VERITASKAP (4.91%).
In value terms, GTCO was the most traded stock, making up 14.21% of total trade value.
UPDC, LASACO, and ROYALEX topped the gainers list with a 10.00% price increase each. They were followed by UACN (+9.97%), SOVRENINS (+9.94%), CHAMPION (+9.91%), ELLAHLAKES (+9.91%), MBENEFIT (+9.89%), and 39 others.
Twenty-three stocks declined, with ACADEMY and TRANSPOWER recording the largest losses of 10.00% each. Other notable decliners were TOTAL (-9.22%), DANGSUGAR (-6.27%), CHAMS (-4.64%), IKEJAHOTEL (-1.44%), and ARADEL (-1.15%).
Market breadth closed positive with 47 gainers against 23 losers. Sector performance was largely positive, led by Industrial Goods (+5.72%), Consumer Goods (+4.93%), Insurance (+3.44%), and Banking (+0.08%). Conversely, Oil & Gas (-1.12%) and Commodities (-1.99%) sectors ended in the red.
Overall, the Nigerian stock market capitalisation rose by ₦1,776.99 billion, a 1.99% increase, closing at ₦91.15 trillion.
No comments:
Post a Comment