Following the recent removal of the Governor of the Central Bank of Nigeria (CBN), the Nigerian stock market has witnessed significant gains as investors poured billions into various stocks, particularly in the banking sector.
On Wednesday, the trend continued as stock traders conducted transactions worth N21.080 billion, exchanging 1.297 billion shares through 11,947 transactions. Unsurprisingly, banking stocks were the most sought after, with United Bank for Africa (UBA) leading the pack. Traders transacted 230.764 million shares of UBA, valued at N2.744 billion.
GTCo followed closely with 125.469 million shares worth N4.205 billion, while Zenith Bank, Access Bank, and Fidelity trailed behind with 119.144 million shares, 92.792 million shares, and 75.620 million shares, estimated at N3.972 billion, N1.449 billion, and N494.144 million, respectively.
International Breweries emerged as the top gainer with a 10% increase, closing at N5.50 per share. Sterling Bank secured the second position, experiencing a 10% rise or a 25 kobo increase, settling at N2.75 per share.
Transcorp Hotels Plc, Dangote Sugar, and Seplat also enjoyed a 10% increase each.
Conversely, Pharma-Deko Plc suffered the most significant loss, declining by 22 kobo or 9.65%. CWG Plc followed suit, shedding 17 kobo or 9.44%, while NNFM dipped by N1.20 or 8.66%. BUA Cement experienced a decline of N6 or 6.52%, and Ardova lost 0.90 or 5.06%.
The Nigerian Exchange Limited (NGX) All-Share Index appreciated to 59,985.1 index points, with the total value of all listed equities exceeding N32.662 trillion.
President Bola Ahmed Tinubu implemented several key changes immediately after assuming office. These changes included the removal of petrol subsidy, the suspension of the central bank governor, and the unification of foreign exchange rates.
Investors King understands that both local and foreign investors, who had been calling for adjustments in Nigeria’s outdated economic policies, enthusiastically invested in Nigerian assets, both domestically and internationally, as they anticipated a prosperous future.
Bearish Sentiment Persists: Investors Lose N112 Billion on NGX
Nigerian Stock Market Dips as Weak Momentum Drains N39 Billion from Investors
Dr. Yemi Cardoso’s Nomination Boosts Confidence as Stock Investors Gained N264 Billion
The bullish momentum in the Nigerian Exchange Limited continued on Tuesday as investors pocketed N264 billion in profit following Monday’s gains of N263 billion.
Both the market capitalization and the All-Share Index, which gauge the movement of share prices for all listed companies surged by 0.71 percent to N37.413 trillion and 68,359.22 points, respectively.
This optimistic trading trend emerges as investors increasingly show confidence in the local market and the broader economy, fueled in part by the news of Dr. Yemi Cardoso’s nomination as the Governor of the Central Bank of Nigeria.
As Tuesday’s session drew to a close, the volume of shares traded experienced a significant uptick of 31.33 percent to 676.74 million. However, the number of deals declined by 8.35 percent to 7,659 while the total trade value decreased by 33.97 percent to N5.89 billion.
Market sentiments also leaned towards the bullish side, with 36 gainers outpacing the 27 losers.
Among the top-performing stocks that caught the attention of investors were:
- Berger Paints Plc, which surged by 9.95 percent to conclude the trading day at N11.60.
- Oando Plc, which recently released its audited results for 2021, saw a 9.92 percent increase, closing at N13.30.
- BUA Foods, which gained 6.32 percent to close at N196.70.
- PZ’s shares appreciated by 1.45 percent per unit, ending at N20.
- GTCO Plc stock increased in value by 0.43 percent, closing at N35.40.
On the flip side, the top losers included:
- SCOA Plc, witnessing a 10 percent depreciation in its shares, closing at N1.24.
- Unilever’s shares recorded an 8.28 percent drop, concluding at N13.30.
- United Bank for Africa Plc, which lost 1.96 percent in share value, closing at N17.50.
- FBN Holdings Plc, suffering a 1.69 percent decline, closing at N17.40.
- Accesscorp’s shares depreciated by 0.29 percent, closing trading at N17.40.
The Nigerian Exchange continues to display its resilience and attractiveness to investors, making it an exciting space to watch for potential opportunities and market trends.
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