The Nigerian Exchange Limited (NGX) stock market soared to new heights on Tuesday as investors pocketed N449 billion in a single day.
This marked the second consecutive session of gains, signaling a renewed interest in various stocks with Dangote Cement Plc and 49 other companies taking the lead.
Dangote Cement, the heavyweight in the market, was instrumental in driving the bullish momentum as its stock price surged by 6.67% to settled at N352 per share, up from N330 per share it opened the day.
The robust performance of this industry bolstered the NGX All-Share Index (ASI) by 823.37 basis points or 1.31% to an all-time high of 63,766.72 basis points.
As a result of this euphoric market sentiment, the overall market capitalisation soared to an astonishing N34.722 trillion, underscoring the growing confidence of investors in the Nigerian stock market.
The market breadth provided a glimpse into the enthusiasm that swept through the trading floor, with a notable 50 stocks in the green against the 20 stocks that closed in the red.
Honeywell Flour Mills, NEM Insurance, and NPF Microfinance Bank emerged as the stars of the day, each gaining an impressive 10% and closing at N3.30, N5.94, and N1.87 per share, respectively.
Eterna and PZ Cussons Nigeria also experienced substantial gains, with their stocks surging by 9.92% and 9.88%, respectively, closing at N26.05 and N17.80 per share.
However, Japaul Gold & Ventures posted a 10.00% decline to close at 81 kobo per share, while FTN Cocoa processors saw a drop of 9.84% to N2.29 per share.
Courteville Business Solutions, Sovereign Trust Insurance, and Secure Electronic Technology were also among the losers, experiencing declines of 8.64%, 8.16%, and 8.11%, respectively.
According to analysts at InvestmentOne Research, “The Nigerian bourse recorded an uptick in performance today driven by the northward movement observed across major sectors.
“Going forward, we expect investor’s sentiment to be swayed by the search for real positive returns and developments in the interest rate space. We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”
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.
News4 weeks ago
Npower Program Restores Hope with Long-Awaited Stipend Disbursement
Commodities4 weeks ago
Three Chinese Groups Vying to Acquire $2 Billion Botswana Copper Mine
News3 weeks ago
Government Plans to Revamp Npower Scheme and Combat Poverty
Forex4 weeks ago
Black Market Dollar to Naira Today, September 7th, 2023
Naira2 days ago
Naira to Dollar Black Market Exchange Rate September 30th, 2023
Forex4 weeks ago
Naira to Dollar Black Market Exchange Rate Today, 4th September 2023
News3 weeks ago
Npower Program: Transforming Nigerian Youth into Tech Innovators
Government4 weeks ago
Government Activities Disrupted as Nation Awaits Presidential Election Petition Judgment