Stock market  investors gain N252bn as NGX Index rises 27 bps

Nigerian Exchange (NGX) continued its upward trajectory on Wednesday, with the All-Share Index climbing by 0.27% to reach 145,323.87 points. NGX market capitalisation rose to ₦92.38 trillion as equities investors gained N252 billion. The market demonstrated positive momentum, reflected in a breadth ratio of 1.9x, with 30 stocks posting gains compared to 16 that declined, stockbrokers said. The bullish momentum was fuelled by interest in some oversold stocks across key sectors. Among the top performers were GUINNESS, NCR, NGXGROUP, MULTIVERSE, and SKYAVN, while VERITASKAP, LASACO, PRESTIGE, ROYALEX, and ETI experienced the most significant declines.

Stockbrokers also noted positive price movement in BUACEMENT, UBA, GUINNESS, WEMABANK, STERLINGNG, among others. The All-Share Index added 395.51 basis points to close at 145,323.87 basis points. Trading metrics presented contrasting patterns as the volume of shares traded jumped dramatically by 271.27% to 2.25 billion units, and the number of transactions increased 45.45% to 21,513 deals. Conversely, the total value of transactions dropped 47.17% to ₦20.97 billion. ACCESSCORP emerged as the most traded stock, accounting for 13.60%, followed by ZENITHBANK (13.17%), GTCO (8.70%), STERLINGNG (6.27%), and FIDELITYBK with 5.25%.

ZENITHBANK topped the value chart, accounting for 20.54% of the total value of all trades executed in the local bourse. GUINNESS led the performers chart, gaining +10.00%, trailed by NCR (+9.98%), NGXGROUP (+9.96%), MULTIVERSE (+9.95%), SKYAVN (+9.74%), OMATEK (+5.69%), and twenty-four others. A total of fifteen (15) stocks depreciated, according to data obtained from the local bourse. With a price depreciation of -4.47%, VERITASKAP topped the worst performers’ chart, followed by LASACO (-3.77%), PRESTIGE (-3.03%), ROYALEX (-2.56%), ETI (-1.88%), and CORNERST (-1.75%). Hence, the market breadth closed on a positive note, as there were 30 gainers and 15 losers, stockbrokers reported.

Sector performance showed varied results: the Banking sector led with a 0.65% gain, followed by Industrial Goods which rose 0.47%; Consumer Goods up 0.38%; and Insurance advancing 0.27%. In contrast, the Oil & Gas sector fell 0.47% and Commodities declined 0.24% Ikeja Hotels hits highest valuation in 52 weeks gaining 45 per cent