Equity Investors Gain N700bn In Two Days
Following price upticks on the Nigerian Exchange Limited (NGX), equity investors have now gained N700bn in two consecutive trading days. At the close of Tuesday’s trade, the benchmark index advanced by 1.31 per cent.
Specifically, the data from Monday and Tuesday’s trade reveals that the market’s All-Share Index (ASI) had gained 1,196.99 basis points closing at 63,766.72 basis points from 62,569.73 recorded on the last trading day of the previous week.
Bulls have dominated the NGX equities market since the change of administration. This is in reaction to the policy changes by the Tinubu-led government as some analysts have said that these changes have boosted investors’ confidence in stocks.
As the half-year earnings reporting season kicks off, it is projected that the market will continue in its bullish trend as data are looking good to points to better corporate numbers.
Meanwhile FCMB dominated yesterday’s market activities on the local bourse (when measured by volume) as it exchanged 153.880 units of shares valued at N956.075 million followed by JAPAULGOLD and Dangote Cement trading 110.536 million and 104.883 million units of shares with corresponding market value of N90.947 million and N3.581 billion respectively.
A total of 868.802 million units of shares corresponding to a market value of N42.807 billion were exchanged in 8,970 deals. Compared with the previous NGX trading day, the data shows a 22 per cent improvement in volume and a 210 per cent improvement in turnover. The current market capitalisation of the Nigerian Stock Exchange is NGN 34.721 trillion representing a weekly loss of 2.9 per cent, a monthly gain of 8.08 per cent, and an overall year-to-date (ytd) gain of 24.42 per cent.
Market breadth was largely positive with 50 stocks appreciating in value while only 20 lost.
HONYFLOUR, NEM and NPFMCRFBK were the best performing stocks as they gained 10.00 per cent each closing at N3.30, N5.94 and N1.87 respectively.
On the down side, JAPAULGOLD lost 10.00 per cent in value closing at N0.81, followed by FTNCOCOA which shed 9.84 per cent and closed the day at N2.29 per share. COURTVILLE and SOVRENINS also lost 8.64 per cent and 8.16 per cent closing at N0.74 and N0.45 per share respectively.
