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The Nigerian Exchange continued its upward trajectory on Thursday (July 6, 2023), with investors enjoying a daily gain of N270 billion. This positive sentiment led to market capitalization nearing N34 trillion.
Data from the local bourse revealed that key performance indicators experienced incremental growth due to strong buying momentum on the Nigerian Exchange. The primary catalyst for the daily gain was the price appreciation in Dangote Cement, followed by gains in lightweight consumer goods stocks.
Additionally, there was significant trading volume in FBNH, although a moderate gain suggests the presence of random buy and sell orders that balanced out a substantial price surge. The financial services sector also approached a market valuation of N700 billion.
The All-Share Index, as reported by the exchange, surged by 81 basis points to close at 62,019.88 points, compared to the previous day’s value of 61,523.57 points.
With a year-to-date return of 21.01%, the stock market continues to outperform the fixed income market, despite the latter’s double-digit benchmark interest rate.
Today, the All-Share Index increased by 496.31 basis points, representing a growth rate of 0.81% and closing at 62,019.88 points. Market analysts noted a significant rise in trading activity, with the total volume and value traded increasing by 543.24% and 821.84% respectively.
According to Atlass Portfolios Limited, approximately 5,443.83 million units valued at ₦95,005.14 million were transacted in 9,948 deals. FBNH emerged as the most traded stock by volume, accounting for 86.19% of the total volume, followed by FCMB (2.33%), ACCESSCORP (1.04%), JAPAULGOLD (1.01%), and STERLINGNG (0.86%).
FBNH also topped the chart as the most traded stock in terms of value, representing 92.43% of the total value traded on the exchange. ETERNA, UBN, CONOIL, LEARNAFRCA, and MRS were among the top gainers, each experiencing a price appreciation of 10.00%.
These gains were followed by NASCON (9.95%), ETRANSACT (9.88%), JAPAULGOLD (9.78%), and ABCTRANS (9.76%). The market witnessed a total of forty-five other gainers.
While DANGCEM recorded a 1.75% increase, PRESCO surged by 2.56%, FBNH gained 2.70%, JAPAULGOLD soared by an impressive 9.78%, CONOIL and MRS both experienced significant growth of 10%. NASCON achieved remarkable growth of 9.95%.
Eighteen stocks recorded a depreciation in value, with WAPIC being the top loser, experiencing a price decline of -9.59% to close at ₦0.66. Other stocks that declined included UPDC (-9.24%), HONYFLOUR (-7.46%), CHAMPION (-5.00%), JAIZBANK (-2.22%), and FLOURMILL (-1.32%).
The market breadth closed positively, with 54 gainers and 18 losers. Among the five major market sectors, three closed in the green. The Oil & Gas sector rose by 2.36%, followed by the Industrial sector with a 0.93% increase, and the Consumer Goods sector with a 0.22% advance. However, the Banking and Insurance sectors declined by -2.48% and -0.55% respectively.
Overall, equities market capitalization surged by ₦270.25 billion, closing at ₦33,770.44 trillion compared to the previous day’s value of ₦33,500.19 trillion.
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