Nigerian Exchange Limited

Stock Market Shows First Gain of the Week, Driven by Oando and Other Advancers

Published

4 weeks ago

August 21, 2024

After a string of disappointing closes, the Nigerian stock market rebounded on Tuesday, recording its first gain of the week.

This positive shift was largely driven by advances from key players such as Oando Plc and other prominent stocks.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) rose by 0.12%, climbing from 95,779.79 points to 95,895.92 points.

Market capitalization saw a corresponding increase, reaching N54.448 trillion, up from the previous day’s N54.381 trillion.

The day’s trading saw investors gain N67 billion, which helped to reduce the week’s negative return to -1.24% and the month’s return to -1.50%. Year-to-date (YtD) returns, however, saw an improvement, rising to +28.25%.

Oando Plc led the charge, with its share price jumping from N39.40 to N43.30, a rise of N3.90 or 9.90%.

This surge played a crucial role in the overall market recovery.

Other notable advancers included Learn Africa, which saw its share price increase from N3.52 to N3.87, marking a 9.94% gain. Cutix also experienced a boost, rising from N2.64 to N2.90, a 9.85% increase.

Also, RT Briscoe’s shares moved up from N1.87 to N2.05, a 9.63% gain, and University Press saw its share price climb from N2.45 to N2.66, an 8.57% rise.

The market’s recovery came ahead of the Central Bank of Nigeria’s (CBN) scheduled Treasury Bills (T-Bills) Primary Market Auction (PMA) on Wednesday, August 21.

The auction will involve rolling over existing T-Bills totaling N409.98 billion, including N60.69 billion in 91-day instruments, N66.25 billion in 182-day instruments, and N283.04 billion in 364-day instruments.

Sector performance on Tuesday was varied. The NGX Banking Index rose by 0.44%, the NGX Oil & Gas Index increased by 0.43%, and the NGX Insurance Index edged up by 0.23%.

In contrast, the NGX Consumer Goods Index experienced a slight dip of 0.08%. The NGX Industrial Index saw a marginal increase of 0.02%.

In total, 1,013,950,890 shares were traded across 8,295 deals, with a total value of N7.687 billion. The positive performance of key stocks suggests renewed investor confidence, potentially setting the stage for further gains in the coming days.

The stock market’s modest recovery on Tuesday provides a hopeful outlook for investors who have faced a challenging period.

As the market adjusts to new developments, including the upcoming T-Bills auction and ongoing economic conditions, stakeholders will be closely watching for further trends and opportunities.

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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

Nigerian Exchange Limited - Investors King

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.