NGX Inches Higher by N264bn as OANDO, Transcorp Rally



NGX Inches Higher by N264bn as OANDO, Transcorp Rally

NGX Inches Higher by N264bn as OANDO, Transcorp Rally

The Nigerian Exchange (NGX) market capitalisation inched higher by about N264 billion on Tuesday as shares of OANDO, and Transcorp rallied further. The market has been consolidating gains strongly after the downturn reported in the past week due to wane sentiments in the local exchange over FTSE Russell’s decision to downgrade the Nigeria index.

However, equities investors appeared to have shrugged off this negative sentiment, resulting in consecutive rallies in the Lagos bourse, translating to a 0.71% jump in key performance indicators.

The market’s positive performance was due to Investors’ increased buying interest in some medium and large-scale stocks such as BUAFOODS, OANDO, TRANSCORP, and others, Atlass Portfolios Limited said in its market update.

Stockbrokers told investors that the Nigerian Exchange’s year-to-date return has increased to +33.38%, running ahead of an annual inflation rate of 25.80% as investors’ wealth was up by approximately ₦264 billion.

The market index (All-Share Index) added by 482.05 basis points today, representing an increase of +0.71% to close at 68,359.22.

However, market activities were mixed, as the total volume traded for the day increased by +31.33%, while the total value traded was down by -33.97%, according to market report.

Stockbrokers at Atlass Portfolios Limited said approximately 676.74 million units valued at ₦5,893.55 million were transacted in 7,659 deals.

UNIVINSURE was the most traded stock in terms of volume, accounting for 34.80% of the total volume of trades, followed by UBA (10.23%), TRANSCORP (6.15%), FIDELITYBK (5.13%), and CHAMS (4.43%) to complete the top 5 on the volume chart.

UBA was also the most traded stock in value terms, with 20.78% of the total value of trades on the exchange. ELLAHLAKES topped the advancers’ chart for today with a price appreciation of 10.00 percent.

The company was trailed by BERGER (9.95%), ETRANSACT (+9.93%), CHAMS (+9.92%), OANDO (+9.92%), and twenty-nine others.

Twenty-seven stocks depreciated, where SCOA and NSLTECH were the top losers, with a price depreciation of -10.00% each.

CORNERST (-8.76%), UNILEVER (-8.28%), ETERNA (-5.00%), FTNCOCOA (-1.96%), and DANGSUGAR (-1.92%) also dipped in price.

Based on the trading patterns, the market breadth closed positive, recording 34 gainers and 27 losers. Nevertheless, the market sector performance closed negative, as three of the five major market sectors were down.

The Insurance sector, dropped by (0.37%), followed by the Oil & Gas sector by (-0.16%), and the Banking sector by (-0.11%). The Consumer goods sector was up by +3.07%, while the Industrial sector closed unchanged.

Overall, equities market capitalisation gained ₦263.83 billion, representing a growth of +0.71%, to close at ₦37,413.49 trillion from ₦37,149.66 trillion yesterday. #NGX Inches Higher by N264bn as OANDO, Transcorp Rally Naira Devaluation Deepens Economic Crisis in Nigeria

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