Emily Thompson
Tue, Sep 5, 2023 4:35 PM

Nigerian Stock Exchange Records N412 Billion Gain on Opening Trading Session

BusinessEarn Max 30 Coins💰 Get coins immediately after reading this article

Nigerian Stock Exchange Records N412 Billion Gain on Opening Trading Session
The Nigerian Exchange (NGX) experienced a positive start to the new trading week, resulting in equity investors gaining N412 billion. This surge in the stock market has contributed to the overall increase in the value of the equity market, which now stands at N37.37 trillion. Despite economic challenges, the Nigerian Exchange has been performing impressively, ranking among the best in developing markets.

Amidst challenging economic conditions, the Nigerian Exchange (NGX) delivered a remarkable start to the new week, resulting in equity investors gaining a significant sum of N412 billion. This positive surge in the stock market has propelled the value of the equity market to a staggering N37.37 trillion, according to market dealers and experts.

The Nigerian stock market has consistently maintained an upward trajectory, with August 2023 proving to be a particularly successful month. MarketForces Africa reported that the NGX recorded an impressive gain of N1.4 trillion during this month alone. This performance has solidified the Nigerian Exchange as one of the best-performing exchanges in developing markets.

Data from the Nigerian stock exchange reveals that the year-to-date return has reached an impressive 33.22%, outperforming the annual inflation rate of 24.08% by a substantial margin. The positive performance of the market reflects the increasing confidence and appetite of local investors.

The Nigerian Exchange All-Share Index soared by 751.95 basis points on Monday, reflecting a robust increase of +1.11% to settle at 68,279.14 points. Market activity also witnessed a significant surge, with total volume and value traded experiencing notable increments of 67.88% and +88.56% respectively for the day.

According to the market update by Atlass Portfolios Limited, a total of 845.68 million units, worth $13,039.55 million, were traded in 11,934 transactions. FIDELITYBK emerged as the most traded stock by volume, accounting for 11.45% of total transaction activity. The top five stocks in terms of volume were rounded out by ZENITHBANK (10.14%), UBA (8.10%), TRANSCORP (7.64%), and GTCO (7.37%).

ZENITHBANK also dominated in terms of value traded, representing 21.53% of the total value of trades on the local exchange.

Notably, several stocks experienced positive price appreciations, with DANGSUGAR leading the pack by gaining 10.00%. NASCON, which is set to be acquired by DANGSUGAR, also experienced a substantial gain of 9.98%. JOHNHOLT (+9.92%), OANDO (+9.91%), and LASACO (+9.60%) were among the other stocks that contributed to the upward momentum.

However, not all stocks witnessed gains, as eighteen stocks depreciated during the trading session. CHIPLC recorded the highest percentage loss with a price depreciation of -9.57%. Other stocks that experienced declines included CORNERST (-9.29%), NGXGROUP (-7.20%), NEIMETH (-6.67%), INTBREW (-6.52%), and WAPCO (-2.52%).

The market breadth closed positively, with 39 gainers and 18 losers. Despite this, the sector performance ended on a balanced note. The Banking sector emerged as the top performer, with a significant increase of +5.65%. The Consumer Goods sector also recorded a decent growth of +1.57%. On the other hand, the Insurance and Industrial sectors witnessed declines of -2.81% and -0.14% respectively. The Oil & Gas sector remained unchanged.

Overall, the positive performance of the stock market resulted in an increase of ₦411.55 billion in equities market capitalization, representing a growth of +1.11%. The market closed at ₦37,369.66 trillion, compared to ₦36,958.11 trillion at the end of the previous trading week.

Source of content: OOO News 2023-09-05 News

More detailed, more comprehensive, fresher news, please visit OOO NEWS.

Share content to earn coins