Nigerian Exchange Limited

Nigerian Equity Market Gains N294bn Amid Bullish Trend

Published

4 months ago

May 29, 2024

Nigerian Exchange Limited - Investors King

The Nigerian equity market continued its bullish momentum on Tuesday, delivering significant gains for investors.

By the close of trading, the market capitalization of the Nigerian Exchange (NGX) surged by N294 billion to settle at N55.65 trillion.

Concurrently, the All-Share Index (ASI) rose by 0.53%, reaching a new high of 98,383.04 basis points.

Surge in Trading Volume

Market participation saw a remarkable increase, with the volume of traded units soaring by 52.49% to 559,608,966 units.

This heightened activity underscored the bullish sentiment that dominated the day’s trading, with the NGX recording 28 gainers compared to 14 losers.

Top Gainers and Losers

Leading the pack of gainers was Dangote Sugar, which appreciated by 10% to close at N42.90 per share. Morison Industries Plc also saw a significant rise, with its stock price increasing by 9.88% to N4.45.

Similarly, the National Salt Company of Nigeria (NASCON) experienced a 9.88% gain, ending the trading session at N37.25 per share.

On the flip side, Sovereign Trust Insurance was among the top losers, shedding 9.52% to close at N0.38 per share. Universal Insurance Plc followed with an 8.33% decline, closing at N0.33, while The Initiate Plc dropped by 7.08% to N1.71.

Sectoral Performance

The bullish activity was reflected across various sectors, with five indexes posting gains. The Banking and Oil and Gas sectors were the standout performers, rising by 2.4% and 1.9%, respectively.

This was largely driven by buy interests in stocks such as United Bank for Africa (UBA), First Bank Holdings, Seplat Energy Plc, and Japaul Gold and Ventures Plc. The Consumer Goods and Insurance indexes also saw gains, increasing by 1.1% and 0.7%, respectively.

Conversely, the Industrial Goods sector was the sole laggard, dipping by 0.20%. Despite this, the overall market sentiment remained positive, buoyed by robust performances in other sectors.

Most Traded Securities

Seplat Energy Plc emerged as the most traded security by value, with N1.60 billion worth of shares exchanged across 51 deals. In terms of volume, Abbey Mortgage Bank led the chart, with 277,527,586 units traded in eight deals.

Outlook

The continued bullish trend in the Nigerian equity market reflects growing investor confidence and optimism.

Analysts suggest that the positive performance could persist if the current market dynamics remain favorable.

However, they also caution that sustained growth will depend on broader economic stability and continued investor interest.

In summary, Tuesday’s trading session was marked by significant gains and heightened trading activity, underscoring the resilience and potential of the Nigerian equity market. As investors capitalize on these bullish trends, the market’s outlook remains cautiously optimistic.

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Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Nigerian Exchange Limited

Stock Investors Gain N131 Billion on Tuesday

Published

1 week ago

September 18, 2024

Samed Olukoya

Nigeria’s equities market opened the holiday-shortened trading week in green as investors bought banking and consumer goods stocks despite record profit taking in insurance, industrial, oil & gas stocks.

“Looking forward, the equities market is expected to retain its buy interest as investors cherry-pick undervalued stocks. However, given the sentiment that rates might have peaked in the fixed income and money markets and investors locking in on current rates, we expect some bearish undertone to persist in the equities market,” according to United Capital research analysts.

The analysts said the bulls “will remain incentivised to persist in bargain hunting, given the tremendous mid-long-term opportunities in the equities market. Fund managers and businesses may begin to entertain mid-long-term (≥6 months) investment objectives, cherry-picking only sound equities with strong fundamentals and ongoing corporate actions. This strategy will maximise market opportunities, thereby optimising portfolio returns”.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation appreciated by 0.23 percent and N131billion from preceding day’s 97,456.62 points and N56.002 trillion respectively to 97,685.63 points and N56.133 trillion.

The market’s year-to-date (YtD) return rose to 30.64 percent.

According to Meristem research analysts, “While we expect subdued participation in the Nigerian equities market this week, we anticipate that buying activity will outweigh profit-taking. Our outlook is hinged on the belief that no major negative catalysts are expected to shift market direction this week. We anticipate that investors will continue selective buying, seeking opportunities across various sectors.

“Additionally, macroeconomic developments and corporate actions from companies could stimulate moderate buying interest in the market. We also do not foresee a significant shift towards the fixed-income market as yields have started to stabilize. However, we acknowledge the potential for profit-taking as short-term investors may look to capitalize on recent gains. Overall, we expect the market to close in the green zone this week,” Meristem analysts said.

Nigerian Exchange Limited

Nigeria’s Equities Market Gains 0.32% Boosted by Nestle, Flourmills, and FBN Holdings

Published

2 weeks ago

September 13, 2024

Investors King

Nigeria’s equities market rose by 0.32 percent or N178billion on Thursday, thanks to Nestle, Flourmills and FBN Holdings that led the league of major advancers on the Lagos Bourse.

FBN Holdings increased from N24 to N26.40, adding N2.40 or 10percent. Caverton rose from N2.10 to N2.31, up by 21kobo or 10percent.

Flour Mills moved from N45.05 to N49.55, up by N4.50 or 9.99percent. RT Briscoe increased from N3.02 to N3.32, down by 30kobo or 9.93 percent, while Nestle rallied from N810 to N890, N80 or 9.88percent.

At the close of trading, the Nigerian Exchange Limited (NGX) All Share Index (ASI) and equities market capitalisation increased from 96,715.04 points and N55.575 trillion respectively to 97,025.17 points and N55.753 trillion.

Access Holdings, FBN Holding, UBA, Caverton and Zenith Bank shares were most trading stocks. In 9,615 deals, investors exchanged 390,546,861 shares valued at N7.974billion.

Ahead of Thursday’s trading, analysts said broader market sentiment will remain balanced, with risk-averse investors maintaining a cautious stance ahead of any major corporate earnings announcements.

Nigerian Exchange Limited

Nigerian Exchange Recovers from Early Week Losses, Market Value Hits N55.6 Trillion

Published

2 weeks ago

September 11, 2024

Samed Olukoya

The Nigerian Exchange Limited (NGX) rebounded on Tuesday after opening the week in the red.

The NGX All-Share Index appreciated by 0.62 percent to 96,802.8 points while the market value of listed equities stood at N55.626 trillion.

Investors traded 406,194,548 shares valued at N13.313 billion in 12,241 transactions during Tuesday’s trading session.

Investors continued to show interest in Oando, which emerged as the most traded equity in both volume and value.

A total of 58,485,705 shares worth N5.521 billion were exchanged, with Oando’s stock appreciating by N6, or 6.7 percent, from N89.5 to N95.5 per share.

The second most traded stock on Tuesday was Access Holdings Plc with 30,379,481 shares valued at N557.65 million transacted.

However, Access Holdings’ shares lost 55 kobo, or 2.96 percent, declining from N18.95 to N18 per share.

The Exchange’s year-to-date (YtD) return improved to 29.46 percent.

SFS REIT led the gainers’ chart, increasing by N14.80, or 9.98 percent, from N148.35 to N163.15 per share. This was followed by Custodian Investment, which gained N1.10, or 8.87 percent, rising from N12.40 to N13.50, while RT Briscoe moved from N2.82 to N3.10 per share.