Nigerian Equity Market Suffers Another Blow: N730bn Lost In Two Days

NGX Appreciates By 0.43%, NSLTECH, FBNH, MULTIVERSE Lead Gainers

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In a shift from the previous day’s bearish market trend, the Nigerian Exchange Group (NGX) rebounded with an encouraging 0.43% surge, concluding at 71,250.17 points.

This bullish momentum instigated a rise in equities, contributing to a gain of N166 billion in market capitalization, culminating in a closing figure of N38.989 trillion, a noticeable uptick from the previous day’s N38.823 trillion.

The standout performer, FBN Holdings (FBNH), sustained its exceptional trajectory, boasting a striking 20.77% appreciation within this trading week, closing at N26.75 today.

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Trading activities witnessed an increase as both volume and value surged. Total trading volume spiked to 433.568 million units from the preceding day’s 358.527 million units, while trading value soared to N11.1 billion, significantly surpassing the previous day’s N7.1 billion.

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The NGX All-Share Index closed at 71,250.17 points, marking a daily change of +0.43%, fluctuating between 70,945.55 and 71,313.85 points, with a year-to-date increase of +39.02%, accompanied by a market capitalization of N38.99 trillion, a traded volume of 433.57 million units valued at N11.1 billion across 7,016 deals.Top Gainers and Losers

Leading the gainers’ chart were stocks like NSLTECH (+10.00%), MULTIVERSE (+9.95%), SUNUASSUR (+9.92%), FBNH (+9.86%), and THOMASWY (+9.82%). Conversely, ABBEYBDS (-9.88%), FTNCOCOA (-9.09%), DAARCOMM (-8.82%), TANTALIZER (-7.69%), and WAPIC (-7.14%) were among the top losers.

In terms of volume, UACN, UBA, and GTCO took the lead, while NIDF, AIRTELAFRI, and MTNN emerged as significant contributors in terms of value.

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Regarding the SWOOT category, GTCO, BUACEMENT, and ZENITHBANK experienced positive price movements, while AIRTELAFRI saw a decline.

Meanwhile, tier-1 banks such as FBNH, GTCO, ZENITHBANK, and ACCESSCORP showcased positive trading patterns.

The NGX’s resurgence signifies renewed investor confidence, primarily driven by the stellar performances of FBNH and MULTIVERSE. This upswing has contributed to the market’s overall buoyancy, presenting a promising outlook for the coming trading sessions.

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