Despite, the mixed trend experienced so far in 2021, at the Nigerian Exchange Limited (NGX), equities investors gained N320 billion in July.
Reports from the local bourse indicated that the market capitalisation appreciated by 1.69 per cent in the month of July as the market’s worth closed at N2/.08 trillion as against N19.76 trillion it opened the month with, halting the previous month’s losing position
During the month under review, the NGX All-Share index (ASI) closed the month higher on a mixed trend as the market closed positive in 11 trading sessions out of 20 trading sessions within the month.
Thus, the benchmark index gained 639.80 basis points, closing at 38,547.08 basis points after it had opened at 37,907.28 basis points, which represented 1.69 per cent growth for the month.
The key performance index’s Year-to-Date loss position was reduced to 4.28 per cent.
The recovery made in July was attributed to price appreciation in highly-priced stocks like Dangote Cement, Total Nigeria, Okomu Oil Palm, Zenith Bank, Access Bank, and Oando, among others.
Performance indexes across the various sectors and market also went up over the month of July, except for the NGX Insurance and Consumer Goods that were down for the month by 2.98 per cent and 0.54 per cent respectively, whereas the NGX Oil/Gas, Premium index, Industrial Goods, Banking, Pension and NGX 30 outperformed the key performance index as more stocks recorded gain for the period, while losses suffered by mid-cap stocks dragged the NGX Insurance and others down for the period under review.
The market had a combination of mixed sentiments, buying interest, and profit-taking as corporate earnings released rekindled investor confidence.
In July, the volume of shares traded went up by 11.26 per cent at 5.04 billion shares, up from 4.53 billion units in the previous month.
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NGX: Equities investors gain N320bn in July
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