Equities investors earn N1.2trn at NGX as ASI appreciates by 3.99 per cent

Equities trading at the Nigerian Exchange Limited (NGX) opened the week on an impressive note as investors reacted positively to the policy signals and planned financial sector reforms from the new administration of President Bola Tinubu.

The NGX All Share Index ballooned by 399 basis points or 3.99 per cent to settle at 58,163.55 basis points on Tuesday, the day after the Democracy Day celebration.

Basically, investor interest in telco heavyweights, Airtel Africa, MTN Nigeria Communication, Zenith Bank, Guaranty Trust Holding Company and Stanbic IBTC Holdings were the primary drivers of the overall market’s strong performance as these bellwethers appreciated in share value by 7.78 per cent, 3.60 per cent, 10.0 per cent, 10.0 per cent and 9.33 per cent, respectively.

Consequently, the Month-to-Date and Year-to-Date returns advanced to +4.3 per cent and +13.5 per cent, respectively.
Equities investors, therefore, earned N1.22 trillion cumulatively as the market capitalization settled at N31.67 trillion at the end of trading activities at the local bourse on Tuesday.

As measured by market breadth, market sentiment was positive as 61 tickers gained relative to 12 losers.

On the performance board, Access Holdings and Nascon recorded the highest gains of the day after appreciating in share value by 10.0 per cent, respectively, while Ellah Lakes and John Holt topped the losers’ list having depreciated in share value respectively by 10.0 per cent.

Sectoral performance was positive, as all five sub-sector gauges tracked rose. The NGX Banking, NGX Insurance, NGX Consumer Goods, NGX Oil/ Gas, and the NGX Industrial Indexes advanced by 8.76 per cent, 4.83 per cent, 3.36 per cent, 0.22 per cent, and 1.21 per cent, respectively.

Analysis of market activities showed that trade turnover settled higher relative to the previous session, with the value of transactions up by 215.93 per cent. A total of 1.19 billion shares valued at N19.23 billion were exchanged in 10,369 deals.

United Bank for Africa (UBA) led the volume chart with 214.94 million units traded, while Guaranty Trust Holding Company led the value chart in deals worth N6.24 billion.