NGX Surges Despite Inflation Hitting 32.7% in September

The Nigerian Exchange Limited (NGX) closed higher on Tuesday despite an inflation report showing consumer prices increased at a faster pace in the month of September.

The Consumer Price Index, which measures inflation in an economy, showed the nation’s inflation rate quickened to 32.7 percent in September.

However, the NGX market capitalization appreciated thereafter by 0.33 percent or N197 billion to N59.707 trillion from N59.510 trillion recorded on Monday.

The NGX All-Share Index (ASI) also closed higher at 98,540.93 index points, a 325.80 points increase from 98,215.13 index points it closed in the previous session.

The Exchange sustained its momentum as investors jumped on Aradel, Oando and other stocks to push cumulative gain in the last three days to N3.69 trillion, according to a note by Atlas Portfolios Limited.

In its update, Atlass Portfolios Limited told investors that approximately 286.04 million units valued at ₦26,817.03 million were transacted across 9,650 deals.

Champion Breweries led the gainers as it expanded by 9.97 percent to quote at N3.42, Tantalizers added 9.09 percent to sell at 60 Kobo, Oando gained 7.93 percent to N77.60, Aradel Holdings rose by 6.09 percent to N820.00, and Eterna jumped by 4.86 percent to N25.90.

Caverton led the losers as it declined by 10.00 percent to trade at N2.34, Tripple G fell by 9.95 percent to finish at N1.81, C&I Leasing dropped by 9.80 percent to N3.59, Jaiz Bank weakened by 9.21 percent to N2.17, and Deap Capital declined by 9.09 percent to N1.20.

At the Tuesday session, investors transacted 286.1 million shares worth N26.8 billion in 9,650 deals versus the 305.0 million shares worth N19.8 billion traded in 8,083 deals in the previous day, this indicated a fall in the trading volume by 6.20 percent and a rise in the trading value and the number of deals by 36.04 percent and 19.39 percent, respectively.

Access Holdings topped the activity chart with 46.0 million equities sold for N928.5 million while Zenith Bank followed with 30.4 million shares worth N1.1 billion.

Investors transacted 25 million stocks of Aradel Holdings valued at N20.8 billion. UBA and Veritas Kapital experienced 16.9 million shares worth N412.9 million and 15.1 million equities valued at N22.7 million, respectively.