John Doe
Wed, Sep 6, 2023 9:20 PM

Nigerian Exchange (NGX) Sees Bullish Trends Ahead of Presidential Election Tribunal's Decision

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Nigerian Exchange (NGX) Sees Bullish Trends Ahead of Presidential Election Tribunal's Decision
The Nigerian Exchange (NGX) experienced significant gains ahead of the presidential election tribunal's decision, with Dangote Sugar and BUA Foods leading the charge. Bargain hunting fueled the rise on the consumer goods index, resulting in the NGX All-share index finishing higher. As the best-performing emerging market, Nigeria's bourse has outperformed inflation rates.

The Nigerian Exchange (NGX), previously known as the Nigerian Stock Exchange, witnessed a surge of over N30 billion on Tuesday, building anticipation for the upcoming presidential election tribunal's decision on Thursday. This positive movement was largely influenced by the prolonged bull runs of Dangote Sugar and BUA Foods.

Market indicators, particularly within the consumer goods sector, experienced significant gains due to increased bargain hunting. Consequently, the NGX All-share index closed 8 basis points higher at 68,334.68 index points.

While activity on the local exchange appeared to have temporarily stalled, the stock market's year-to-date return has outpaced the annual inflation rate, with Nigeria's bourse emerging as the best-performing among its emerging market peers. The year-to-date return currently stands at an impressive 33.33%.

According to data from the local exchange, the total volume and total value traded for the day decreased by -34.04% and -21.70% respectively. A total of 557.85 million units valued at $10,210.29 million were moved in 9,818 transactions, as reported by Atlass Portfolios Limited in its market update.

UBA emerged as the most actively traded stock by volume, accounting for 11.38% of the total transaction activity. Notable mentions on the volume table included OANDO (11.01%), FIDELITYBK (10.45%), ACCESSCORP (7.57%), and TRANSCORP (7.31%).

In terms of value, GTCO emerged as the most traded stock, contributing to 14.98% of the total value of trades on the exchange. On the advancers' chart, MULTIVERSE, OMATEK, BETAGLAS, and SUNUASSUR took the forefront with a significant price appreciation of 10% each.

Additionally, OANDO (9.84%), CWG (+9.75%), ABCTRANS (+8.65%), TANTALIZER (+8.33%), and several others also experienced positive price movements. However, the market also witnessed 31 stocks that depreciated, with NSLTECH taking the lead in price depreciation at -10.00%, closing at ₦0.27.

Trading data from the local exchange indicated that IKEJAHOTEL lost 9.68%, while NEIMETH experienced a share price decline of 8.93%. TRANSCORP surrendered 6.52% of its market valuation, while FBNH dipped by 5.05% and FLOURMILL slumped by 4.91%.

Despite the mixed performance, the market breadth closed negative, with 30 gainers and 31 losers. The sector performance was relatively balanced, as the Consumer Goods sector (+1.98%) and Industrial sector (+0.03%) showed progress, while the Banking and Insurance sectors experienced slight downturns of -0.60% and -0.11% respectively. The Oil & Gas sector remained unchanged.

In conclusion, the Nigerian Exchange (NGX) witnessed a significant surge, reflecting bullish trends ahead of the presidential election tribunal's decision. Dangote Sugar and BUA Foods played a pivotal role in driving market gains. Additionally, bargain hunting on the consumer goods index contributed to the positive performance. Nigeria's stock market has emerged as the best-performing among its emerging market peers, with a year-to-date return of 33.33%. While challenges remain, investors remain hopeful amidst the overall positive sentiment in the market.

Source of content: OOO News 2023-09-06 News

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