Sarah Johnson
Wed, Sep 13, 2023 10:55 PM

Nigerian Exchange Bounces Back with N339 Billion Gain in Market Capitalization

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Nigerian Exchange Bounces Back with N339 Billion Gain in Market Capitalization
The Nigerian Exchange (NGX) rebounded from its recent bearish trend, as equities surged and market capitalization saw a significant gain. This positive turnaround was led by Transcorp and NASCON. The All-Share Index (ASI) closed 0.93% higher, while the market capitalization rose by N339 billion. DANGOTE SUGAR, NASCON, and NAHCO were among the top gainers, while COURTVILLE, ABC TRANSPORT, and TANTALIZER experienced losses. Despite lower trading activity in terms of volume, OANDO emerged as the most traded equity. ZENITH BANK and GTCO performed well, while BUA CEMENT, BUA FOODS, SEPLAT ENERGY, MTN NIGERIA, DANGOTE CEMENT, and AIRTEL AFRICA remained unchanged.

The Nigerian Exchange (NGX) experienced a positive turnaround in Wednesday's trading session, marking a significant gain of N339 billion in market capitalization. This rebound came after a two-day bearish trend caused by the reaction to FTSE Russell ratings.

Equities rallied back, driven by impressive performances from Transcorp and NASCON. The All-Share Index (ASI) closed 0.93% higher at 67,378.88 index points, compared to the 66,760.20 index points recorded in the previous day's trading session.

Market capitalization of equities also saw a remarkable increase to close at N36.877 trillion, reflecting a 0.93% rise from the N36.538 trillion recorded in the previous trading session.

From the market breadth, DANGOTE SUGAR took the lead among the gainers, surging by 10.00%. On the other hand, COURTVILLE emerged as the top loser, experiencing a 10.00% decline. OANDO stood out as the most traded equity in terms of volume throughout the trading session.

The top gainers' chart was dominated by DANGOTE SUGAR, NASCON, and NAHCO, all displaying impressive gains of 10.00% each. Meanwhile, COURTVILLE, ABC TRANSPORT, and TANTALIZER were among the top losers, losing 10.00%, 9.80%, and 9.30% respectively.

Although there was a decrease in trading volume, with 539.63 million units of shares traded compared to the previous day's 645.54 million units, OANDO emerged as the most traded stock with 143.44 million units. ACCESS HOLDINGS and FIDELITY BANK followed closely as the second and third most traded stocks.

In terms of value traded, OANDO led the pack, with N1.39 billion worth of shares traded. ACCESS HOLDINGS and UBA took the second and third position respectively.

Notably, ZENITH BANK and GTCO recorded positive trading sessions, with gains of 0.74% and 6% respectively. However, BUA CEMENT, BUA FOODS, SEPLAT ENERGY, MTN NIGERIA, DANGOTE CEMENT, and AIRTEL AFRICA closed flat.

The tier 1 banks had mixed results, as GTCO, UBA, ZENITH BANK, and ACCESS HOLDINGS closed positively. On the other hand, FBN HOLDINGS closed with a negative result of -0.28%.

The rebound in the Nigerian Exchange brings renewed optimism to investors, signaling a positive direction for the market. With the gain in market capitalization and impressive performances from certain equities, market participants are likely to approach future trading sessions with increased confidence.

Source of content: OOO News 2023-09-13 News

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