Business a.m
The Nigerian Exchange (NGX) has been on a sustained positive trajectory, with its benchmark index rising by 2.38 per cent to close at 90,063.27 points on Wednesday. This represents a significant gain of 2,092.88 points over the index’s previous close of 87,970.37 points.
A closer examination of the NGX’s performance over the past few days reveals an impressive increase in the benchmark index. The index has gained 8.45 per cent between January 15 and January 17, and has grown by a remarkable 20.45 per cent since the beginning of the year. These numbers put the NGX at the top of the world’s fastest-growing equities markets, ahead of the Argentine Stock Market, which has witnessed a growth rate of 15.8 per cent since the beginning of the year.
On Wednesday, the Nigerian stock market experienced a significant increase in trading activity, with the value of transactions rising by 3.89 per cent compared to the previous session. A total of 1.30 billion shares worth N16.38 billion changed hands in 17,471 deals, reflecting a rise in both the volume and value of transactions.
The market’s breadth was positive, with a ratio of 1.26 gainers for every decliner. Forty-three (43) stocks advanced, while only 34 stocks fell. GUINNESS Plc was the top gainer, rising by 10.00 per cent, while RTBRISCOE Plc led the pack of losers, declining by 10.00 per cent.
Some of the major drivers of today’s market rally were the heavyweight stocks DANGCEM Plc (+9.86%), BUACEM Plc (+9.99%), and GEREGU Plc (+9.94%). However, there were some notable laggards, including ZENITHBANK Plc (-1.42%), GTCO Plc (-1.80%), and DANGSUGAR Plc (-9.95%). The YTD return for the overall market rose to 20.45%, with the total market capitalization increasing by N1.14 trillion to close at N49.28 trillion.
STERLINGNG Plc (-9.09%) was the most actively traded stock by volume, with 106.14 million shares changing hands. In terms of value, the most active stock was NIGERIAN BREWERIES Plc (+1.82%), which saw deals worth N2.02 billion. Additionally, JAPAULGOLD Plc (+8.94%), TRANSCORP Plc (+9.97%), JAIZBANK Plc (+1.37%), and UNITYBNK Plc (+0.67%) were among the top five stocks by most active stocks by volume, with 101.12 million, 90.47 million, 83.12 million, and 73.41 million shares traded, respectively.
NIGERIAN BREWERIES Plc (+1.82%) was the most valuable stock, with trades valued at N2.02 billion. This was followed by TRANSCORP Plc (+9.97%), with N1.58 billion in value traded, ZENITHBANK Plc (-1.42%), which saw N1.10 billion in value traded, ACCESSCORP Plc (-0.67%), with N935.86 million traded, and STERLINGNG Plc (-9.09%), which traded N800.26 million in value.
