Nigerian Exchange Rises by N213bn after 7-Day Selloffs



Nigerian Exchange Rises by N213bn after 7-Day Selloffs

Nigerian Exchange Rises by N213bn after 7-Day Selloffs

Due to equities investors’ large betting that started on Tuesday, the Nigerian Exchange (NGX) rose by about N213 billion on the first trading session in the new week as equities investors showed interest in the banking industry’s stocks.

The stock market had bumped for successive trading sessions due to weak investor sentiments. Equities investors had reacted negatively to the Central Bank of Nigeria (CBN) decision to postpone its policy committee meeting indefinitely.

The local bourse switched to bargain hunting pushed market performance indicators by +0.59% while year-to-date return advanced above 30% again. According to data from the local bourse, market return rose to 30.28%, stronger than an annual inflation rate of 25.8% in the month of August 2023.

Stockbrokers reported in their daily notes that the stock market index or All-Share Index edged higher by 388.83 basis points today, representing an increase of +0.59% to close at 66,770.97 points.

However, market activities were mixed, Atlass Portfolios Limited told investors via an email. Based on stock market data, it was noted that the total volume traded increased by +24.37%. On the other hand, the total value traded dropped by -15.02%. Approximately 364.32 million units valued at ₦3,851.01 million were transacted in 7,537 deals.

CHIPLC was the most traded stock in terms of volume, accounting for 19.79% of the total volume of trades. The company was followed by FIDELITYBK (9.19%), OANDO (7.25%), GTCO (5.93%), and ACCESSCORP (5.51%) to complete the top 5 on the volume chart.

GTCO was also the most traded stock in value terms, with 19.60% of the total value of trades on the exchange. BUACEMENT topped the advancers’ chart with a price appreciation of 9.94 per cent.

The company performance was trailed by BETAGLAS (9.93%), FTNCOCOA (+9.93%), OANDO (+9.55%), UACN (+8.50%), and nineteen others. Data from the local exchange showed that twenty-six stocks depreciated.

LINKASSURE was the top loser, with a price depreciation of -10.00%, as CWG (-9.94%), DAARCOMM (-8.00%), CADBURY (-6.83%), NASCON (-5.38%), and WEMABANK (-3.89%) also dipped in price.

Based on the trading pattern, the market breadth closed negative, recording 24 gainers and 26 losers. In addition, the market sector performance closed par. The Industrial and Banking sectors were up by +3.53% and +0.31% respectively, while the Insurance and Consumer goods sectors declined by -1.81% and -0.41% respectively.

The Oil & Gas sector closed unchanged. Overall, the stock market capitalisation surged by ₦212.81 billion, representing a growth of +0.59%, to close at ₦36.54 trillion from ₦36.33 trillion last Friday. #Nigerian Exchange Rises by N213bn after 7-Day Selloffs

Naira Devaluation Deepens Economic Crisis in Nigeria

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