Nigerian Exchange Limited

Market Capitalisation Hits N55.709tn with Unilever and MTN Leading Gains

Published

1 month ago

August 9, 2024

Nigerian Exchange Limited - Investors King

The Nigerian Exchange rebounded on Thursday with market capitalisation soaring to N55.709 trillion.

This increase was propelled by gains in key stocks, particularly Unilever Nigeria and MTN Nigeria Communications, which led the charge.

The All Share Index (ASI) advanced by 1.05% to close at 98,118.30 points, up from the previous day’s 97,098.98 points.

This increase in the ASI has elevated the year-to-date gain to 32.09%, the month-to-date gain to 0.38%, and the week-to-date gain to 0.41%.

The day’s trading volume reached 791.78 million shares across 9,059 deals, valued at N15.126 billion.

Unilever Nigeria and MTN Nigeria Communications were standout performers, each seeing a 10% rise in their share prices.

Unilever closed at N18.70, while MTN Nigeria finished at N198. These gains, along with a 10% increase in Vitafoam Nigeria’s stock to N19.25, were pivotal in driving the overall market recovery.

The surge in market capitalisation reflects a broad-based rally, with 33 equities gaining ground compared to 19 that declined.

This positive market breadth indicates renewed investor confidence and a rebound from recent volatility.

Notably, Access Holdings emerged as the top trader by volume with 116 million shares, followed by Guaranty Trust Holding with 110 million shares and Abbey Mortgage Bank with 50.7 million shares.

Despite a 5% decline in the volume of stocks traded, turnover increased by 8%, suggesting heightened trading activity in terms of value.

The market’s recovery follows a period of declines, including a N97 billion gain on Wednesday, driven by strong performances from stocks such as Red Star Express, Oando, and RT Briscoe.

This recent upturn aligns with global trends, where markets have rebounded after earlier declines in major indices like the Dow and S&P 500.

As investors continue to respond positively to strong performances from key stocks, the outlook for the Nigerian Exchange appears promising.

The sustained gains in market capitalisation and index performance underscore a period of resilience and potential growth for Nigeria’s equity market.

With the Nigerian Exchange now firmly positioned at N55.709 trillion in market capitalisation, attention will be on whether this upward momentum can be sustained in the coming weeks.

The performance of leading stocks like Unilever and MTN will be closely watched as indicators of broader market trends and investor sentiment.

Overall, the latest gains signify a hopeful turn in the Nigerian financial markets, offering a positive outlook amid a backdrop of global and local economic dynamics.

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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

12 hours 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

6 days 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

1 week 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.