ON Tuesday, the domestic exchange saw significant share price growth across the stocks of mid and large capitalization corporations. Following a five-day losing streak, the market capitalization increased to N27.544 trillion from N27.364 trillion on Wednesday.
According to stockbrokers, today’s surge was fueled by bargain hunting in DANGCEM (+8.3 percent), ensuring that the market closed higher. The Nigerian Exchange All-Share Index (NGX-ASI) specifically increased by 0.7 percent to 51,091.75 points.
As a result, the year-to-date return improved to +19.6 percent, while the month-to-date loss eased to -3.6 percent. With 4,398 transactions, the total amount traded fell by 51.6% to 166.97 million units, worth N2.74 billion.
Gains in large-capitalized stocks, including Dangote Cement, NAHCO, Oando, and Union Bank of Nigeria, had an impact on the upward trend.
Transcorp led the gainers’ table in terms of percentage gains, increasing by 10% to settle at N1.32 per share. Dangote Cement increased by 8.30% to close at N270 per share, while MRS increased by 9.80% to conclude at N16.25.
Royal Exchange Assurance increased by 5.56 percent to close at 95k a share, while NAHCO increased by 7.69% to close at N8.40. LearnAfrica and Bua Foods, on the other hand, lead the list of companies that lost money, falling 10% apiece to close at N2.25 and N49.50 per share, respectively.
Following Japaul Gold, which lost 9.68% to close at 28k, was Glaxosmith, which lost 9.22% to settle at 6.40 per share. To close at N11.75 per share, NASCO lost 8.56 percent.
However, when investors purchased and sold 166.97 million shares worth N3.41 billion in 4,398 trades, the overall volume traded increased by 14%. In contrast, 345 million shares worth N3.07 billion were traded in 5,075 transactions on Monday. Transcorp share transactions, totaling 19.34 million shares and N24.39 billion, topped the list of activities.
Guaranty Trust Holding Company (GTCO) transacted 17.29 million shares worth N365.18 million, United Bank for Africa (UBA) came in second with 15.59 million shares valued at N131.21 million.
While First Bank of Nigeria Holdings (FBNH) traded 11.34 million shares worth N95.43 million, Zenith Bank sold 12.81 million shares worth N281.89 million. The Industrial Goods (+3.9%), Oil & Gas (+0.7%), and Banking (+0.4%) indices closed higher, indicating generally good sectoral performance.
In the meantime, the Consumer Goods (-0.1%) and Insurance (-0.1%) indices fell. Market sentiment was negative (0.7x), as indicated by market breadth, with 21 tickers losing opposed to 14 gainers.
