David Thompson
Fri, Aug 4, 2023 9:05 PM

Positive month for Nigerian Exchange Limited as Stocks Soar

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

Positive month for Nigerian Exchange Limited as Stocks Soar
The Nigerian Exchange Limited (NGX) had a successful trading month in July 2023, with the NGX All-Share Index gaining 5.5% and the market capitalization closing at N35.011 trillion. Despite concerns over inflation and interest rates, investor confidence remained strong, leading to increased buying activity. The positive sentiment can be attributed to various factors, such as fuel subsidy removal, exchange rate unification, and the floating of the naira. Several sectors experienced positive returns, with the Oil and Gas, Insurance, and Industrial sectors leading the way. This article highlights the top 10 best-performing stocks for July 2023 based on share price appreciation.

The Nigerian Exchange Limited (NGX) experienced a positive trading month in July 2023, as the NGX All-Share Index gained 5.5% to reach 64,337.52 index points, while market capitalization closed at N35.011 trillion. Despite concerns over rising inflation and interest rates, investor confidence remained strong, leading to increased buying activity.

Investors' positive sentiment can be attributed to several factors, such as fuel subsidy removal, exchange rate unification, and the floating of the naira. These measures aimed to stabilize the Nigerian economy and encourage investment in various sectors.

Further analysis showed that several sectors had a positive return, contributing to the overall positive performance of the exchange. The NGX Oil and Gas Index was the best performing sector, gaining 931.42 points and closing at a remarkable +20.05%. The NGX Insurance Index followed closely, appreciating by +14.83%, while the NGX Industrial Index rounded up the top three sectors, gaining +14.17%.

The NGX Banking Index also saw a positive gain of +3.84% during the month. However, the NGX Consumer Goods Index experienced a decline of -4.58%.

Based on share price appreciation, the top 10 best-performing stocks for July 2023 were:

  1. Deap Capital Management & Trust Plc: With an appreciation of 55%, the company closed the month at N10 per share, recording a market capitalization of N92 billion.
  2. E-Tranzact International Plc: Showing a similar appreciation of 55%, the company closed the month at N10 per share, with a market capitalization of N92 billion. It also reported significant growth in revenue and pre-tax profit.
  3. The Initiates Plc: This stock appreciated by 57% and closed at N0.8 per share, with a market capitalization of N712 million. The company reported a healthy increase in revenue and pre-tax profit for Q2 2023.
  4. Daar Communications Plc: With a remarkable appreciation of 60%, this stock closed at N0.32 per share, obtaining a market capitalization of N3.84 billion. However, the company's latest financial result showed a decline in revenue and an increase in loss before tax.
  5. Transcorp Hotels Plc: This stock gained 62%, closing at N37.95 per share, with a market capitalization of N338.70 billion. The company's Q2 2023 financial result displayed growth in revenue and pre-tax profit.
  6. Nascon Allied Industries Plc: With a significant appreciation of 74%, this stock closed at N32.5 per share, achieving a market capitalization of N86.11 billion. The company reported a substantial increase in revenue and pre-tax profit for Q2 2023.
  7. Chellarams Plc: This stock saw a gain of 75%, closing at N2.33 per share, with a market capitalization of N1.80 billion. However, the Q1 2024 financial result displayed a decline in revenue and an increase in pre-tax loss.
  8. John Holt Plc: With an impressive appreciation of 92%, this stock closed at N2 per share, obtaining a market capitalization of N778.30 million. The company's Q3 2023 financial result showed a decline in revenue and a significant pre-tax loss.
  9. Golden Guinea Breweries Plc: Enjoying a gain of 93%, this stock closed at N3.22 per share, with a market capitalization of N3.30 billion.
  10. Skyway Aviation Handling Company Plc: This stock was the best-performing stock, gaining a remarkable 152% and closing at N25.6 per share, with a market capitalization of N34.65 billion. The company's Q2 2023 financial result demonstrated growth in revenue and pre-tax profit.

Overall, the Nigerian Exchange Limited had a highly successful trading month in July 2023, with the stock market experiencing positive growth. Investors have remained confident due to favorable economic measures and the positive performance of key sectors such as Oil and Gas, Insurance, and Industrial. These reports highlight the top-performing stocks for the month, providing valuable insights for investors and market enthusiasts.

Source of content: OOO News 2023-08-04 News

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

Share content to earn coins