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Nigerian Exchange Limited

Investor Activity Pushes Nigerian Stocks Higher, Breaking Two-Day Losing Streak



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The Nigerian equities market rebounded with a 0.24 percent gain on Wednesday following two consecutive losses recorded earlier in the week.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalization rose from the previous day’s 99,051.02 points and N56.031 trillion to 99,284.38 points and N56.163 trillion, respectively.

This increase pushed the stock market’s year-to-date (YtD) return to an impressive 32.78 percent.

Investors’ renewed interest was evident in the trading volumes and value as total of 308,136,231 shares worth N4.862 billion were exchanged in 7,690 deals.

Leading the charge were stocks like Eterna, Red Star Express, Stanbic IBTC Holdings, Fidelity Bank, and International Breweries, which saw significant buying activity.

Stanbic IBTC Holdings emerged as the top gainer, with its share price climbing from N52 to N57, adding N5 or 9.62 percent.

Eterna also posted a substantial gain, rising from N12.25 to N13.45, an increase of N1.20 or 9.80 percent.

Fidelity Bank followed suit, with its share price moving from N10 to N10.80, up by 80 kobo or 8 percent.

Despite the gains, some investors remain cautious, retaining an unclear near-term outlook on the equities market due to Nigeria’s high-interest-rate environment.

However, the day’s performance suggests a degree of resilience and optimism among market participants.

The day’s most traded stocks included Fidelity Bank, Oando, Veritas Kapital Assurance, Unity Bank, and Transcorp, highlighting a diverse range of interest across different sectors.

Market analysts attributed the rebound to strategic buying by investors seeking to capitalize on the lower prices following the recent declines.

“This bounce-back indicates that investors are taking advantage of the attractive valuations,” said Olufemi Awoyemi, a market analyst. “While the high-interest-rate environment poses challenges, the underlying fundamentals of some listed companies remain strong, attracting discerning investors.”

The positive close on Wednesday signals a potential shift in sentiment, with market watchers keenly observing whether this upward trend will sustain in the coming sessions.

The Nigerian equities market, known for its volatility, continues to offer opportunities for those willing to navigate its complexities.

As the market moves into the third quarter, the performance of key economic indicators, corporate earnings, and global market trends will likely play crucial roles in shaping investor sentiment and market direction.

For now, the rebound provides a glimmer of hope for a sustained rally through the early summer.

With the influx of retail investors typically seen in July, coupled with strong seasonal trends, there is cautious optimism that the Nigerian equities market may continue its upward trajectory, providing further opportunities for growth and investment.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq,, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Nigerian Exchange Limited

FBN Holdings, Fidelity Bank Lead Trades as Nigerian Stock Market Closes Flat



Nigerian Exchange Limited - Investors King

For the first time in weeks, Nigeria’s equities market closed flat on Thursday as investors adopted a cautious approach, taking a “wait-and-see” stance.

Despite active trading in major stocks such as FBN Holdings, Fidelity Bank, Transcorp, Access Holdings, and AIICO, the market showed no significant movement.

On Thursday, investors exchanged 1,299,961,984 shares worth N25.326 billion in 8,364 deals on the Exchange.

However, the trading activity did not translate into a market shift.

The NGX All-Share Index (ASI) and Market Capitalisation, which stood at 99,842.19 points and N56.478 trillion on the preceding trading day, closed Thursday at 99,842.94 points and N56.479 trillion, respectively.

This static closure occurred despite notable performances from stocks like Champion Breweries and Chams, which rallied.

Conversely, Transcorp Hotels Plc, NEM Insurance, and Fidelity Bank topped the list of laggards.

“We anticipate a mixed trading session with potential buy-side pressure in key names that could steer the market to a green close,” stated analysts from Lagos-based Vetiva Research in their post-trading note. “Investors are expected to monitor movements in high-performing stocks as well.”

Related developments highlighted the challenges facing investors. Rising diesel prices have surged by 66%, hitting the Northeast hardest.

The Naira remains weak at the official market despite rising external reserves, and prime office tenants face dilemmas with dollar-rents surging 200% in Naira value.

The flat close on Thursday underscores the cautious sentiment prevailing among investors in Nigeria’s equities market.

The market’s performance continues to reflect broader economic uncertainties and investor strategies focusing on stability and risk management.

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Nigerian Exchange Limited

Foreign Equity Trading in Nigeria Jumps 437%, Reaches N334 Billion in Early 2024



Nigerian Exchange Limited - Investors King

Nigeria’s stock market has seen a remarkable surge in foreign investor activity, with equity trading by foreign investors skyrocketing 437% in the first four months of 2024.

This growth has pushed the total value of foreign equity trades to N334.01 billion, a significant increase from N62.18 billion during the same period in 2023.

Data from the Nigeria Exchange Limited (NGX) reveals that between January and April 2024, Nigerian stock investors exchanged equities valued at N1.894 trillion, a sharp rise from N721.44 billion recorded in the corresponding period of the previous year.

Foreign investors accounted for 17.63% of this total, while domestic investors dominated the market with 82.37%, trading N1.560 trillion worth of equities.

The increased foreign participation peaked in April 2024, with foreign investors trading N120.83 billion worth of stocks, representing 34.90% of the total value traded that month.

This surge highlights a growing confidence in Nigeria’s equity market despite broader economic challenges and a competitive fixed income market.

Analysts attribute this spike in foreign equity trading to various factors, including attractive stock valuations and improved regulatory frameworks.

“We expect continued interest in fundamentally sound stocks,” noted analysts at Comercio Partners, highlighting the positive market return of 33.64% by mid-June 2024.

Despite the attractiveness of fixed-income yields, particularly with Treasury bill rates reaching as high as 23.3% for one-year T-bills, participants remain drawn to equities, seeking growth in undervalued stocks.

Meristem research analysts predict a mixed performance in the equities market, driven by positive momentum and cautious trading.

The influx of foreign capital comes as a positive sign for Nigeria’s economic outlook, reflecting investor confidence in the nation’s regulatory and market reforms.

The NGX has been proactive in boosting market accessibility, recently launching a USSD platform to provide real-time stock market information, a move aimed at enhancing financial inclusion and market participation.

Prominent stockbroking firms have also played a crucial role in this trading boom.

CardinalStone Securities Limited led the market by trading stocks worth N197.535 billion, followed by Stanbic IBTC Stockbrokers Limited and United Capital Securities Limited.

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Nigerian Exchange Limited

Stock Market Rises by N398 Billion Last Week as Investors Target Key Sectors



Nigerian Exchange Limited - Investors King

In a holiday-shortened trading week ending on Friday, June 14, Nigeria’s equities market saw a notable increase, rising by 0.71% or N398 billion.

This boost came as investors focused their buying on key sectors such as oil & gas, banking, insurance, and consumer goods.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) increased from the previous week’s 99,221.14 points to 99,925.29 points, while the Market Capitalisation rose from N56.128 trillion to N56.526 trillion.

This surge pushed the year-to-date (YtD) return higher to 33.64%, with a month-to-date (MtD) increase of 0.62%.

Leading the sector gains was the NGX Oil & Gas Index, which jumped by 5.28%, reflecting robust investor interest in the sector.

The NGX Banking Index followed with a 3.63% rise, demonstrating confidence in the financial sector.

Similarly, the NGX Insurance Index climbed by 3.42%, and the NGX Consumer Goods Index saw a 1.05% increase. The NGX Industrial Index also edged up slightly by 0.27%.

This upward movement in the stock market comes amid a backdrop of cautious optimism.

The holiday-shortened trading week provided a condensed period for trading, yet investors were keen to seize opportunities, particularly in sectors that have shown resilience and potential for growth.

Analysts suggest that the targeted investments in these key sectors indicate a strategic approach by investors to balance portfolios and capitalize on sectors poised for growth.

The oil & gas sector, in particular, has been buoyed by fluctuating global oil prices and local policies aimed at boosting production and refining capacity.

The banking sector’s performance reflects ongoing reforms and the potential for increased financial activities as the economy continues to stabilize.

The rise in the stock market is a positive signal for Nigeria’s economic outlook, indicating renewed investor confidence.

However, experts caution that sustained growth will depend on continued economic reforms, political stability, and global market conditions.

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