Market Optimism Fuels N86 Billion Gain for Investors

In a noteworthy financial stride, the Nigerian Exchange Limited (NGX) witnessed its fifth consecutive day of positive trading on Thursday, translating to a substantial N86 billion gain for investors. Infostride News has been closely monitoring the market trends, revealing that the NGX has maintained its positive momentum since last Friday and has carried this bullish sentiment through the fourth trading session of the week, despite encountering bearish undertones in certain sectors.

The All-Share Index (ASI) and market capitalization both experienced a commendable uptick, registering a 0.21% increase to close at 72,455.83 and N39.649 trillion, respectively. This consistent upward trajectory brings the market tantalizingly close to the historic N40 trillion milestone. Notably, the ASI had previously breached the 72,000 basis points landmark on Wednesday, mere weeks after crossing the 70,000 mark, underscoring the sustained bullish sentiments that have been influencing market dynamics.

While the volume of traded stocks saw a 3.09% increase to reach 446,582,797 units, the value of traded stocks exhibited a slight dip of approximately 10%, settling at N7.26 billion compared to the preceding day’s figure of N8.08 billion. The transactions unfolded across 6,845 deals, involving a total of 123 stocks.

Examining the market breadth, which gauges investors’ sentiments, it revealed a balanced picture with 26 gainers and 27 losers. Among the advancers, Infinity Trust Mortgage Bank took the lead, recording a notable gain of 9.83% to close at N2.57 per unit. Other noteworthy gainers included John Holt (9.73% increase, closing at N2.03), Ikeja Hotel (9.20% rise, closing at N4.75), Daar Communications (7.69% gain, closing at N0.42), and ETranZact (7.69% increase, closing at N7 per unit).

Conversely, the losers’ table was led by RT Briscoe, which experienced a decline of 9.84%, closing at N0.55. UPDCREIT followed with a 9.78% loss, closing at N4.15. Mutual Benefit witnessed a 9.43% dip in its stock value, settling at N0.48 per unit. Other notable losers included Omatek (7.79% decrease, closing at N0.71) and Sovereign Insurance (7.69% loss, closing at N0.36).

Banking stocks took center stage for the fourth trading session of the week, dominating the list of the top five traded stocks on Thursday. AccessCorp led with 77.25 million units of shares valued at N1.75 billion. FCMB followed closely with 45.24 million shares, amounting to N318.61 million. Zenith Bank witnessed 37,289,741 units of shares worth N1.38 billion changing hands, while United Bank for Africa recorded 29,300,628 units of shares, totaling N724.06 million. Fidelity Bank also featured prominently, with 27,512,103 units of shares valued at N257.28 million being traded.

Infostride News remains committed to providing comprehensive coverage of financial developments, keeping readers informed about the dynamic landscape of the Nigerian stock market.