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NGX ASI hits 15-year high

2 years ago
in Business, Features, highlights, Home, home-news, latest News, Markets
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NGX ASI hits 15-year high

The Nigerian stock market hit a 15-year high at the close of trading on Tuesday as investors continued to show interest in equities.

The All-Share Index (ASI) of Nigerian Exchange Limited (NGX) rose by 0.51percent to 66,490.34 points from 66,151.38 points the previous day, surpassing the highest value of 66,371.20 recorded on the Exchange on March 5, 2008.

This performance was in part, attributed to a surge in banking stocks as investors strategically positioned themselves, taking advantage of the recent record earnings posted by banks. Consequently, market capitalisation increased by 0.51percent to closed at N39.69 trillion from N36.21 trillion recorded on Monday.

This meant that investors gained N510 billion in two trading sessions. Among the various sectoral indices, the NGX Banking Index experienced the most significant daily gain, rising by 1.63percent. Following closely were the NGX Consumer Goods Index, with a 0.99percent increase, and the NGX Industrial Index, which saw a 0.21percent uptick. Conversely, the NGX Oil/Gas Index dipped by 0.09percent, and the NGX Insurance Index recorded a substantial decline of 1.56percent, both attributable to investors reallocating their funds.

Tuesday’s market activities revealed a substantial increase in trade turnover compared to the previous session, with transaction values surging by an impressive 79.18percent. Consequently, the total volume of stocks traded reached 436.95 million units, valued at N7.02 billion, across 7,933 deals. This marked a significant uptick from the 311.12 million units valued at N3.92 billion traded in 7,193 deals on Monday.

FBN Holdings topped the activity chart with 55.15 million units valued at N911.21 million. Following closely was Japaul Gold with the sale of 33.11 million units worth N29.92 million, while UBA transacted 30.17 million units valued at N41.21 million.

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Market breadth closed positive, with 35 stocks appreciating in value while 32 stocks depreciated. Champion Breweries led the pack of gainers with a remarkable 10percent increase in stock value. Conversely, Linkage Assurance led the group of 32 declining securities, with a 10percent decrease in stock value.

Market experts attributed this strong performance to a combination of factors, including investor sentiment influenced by macroeconomic developments such as the formation and swearing-in of the economic cabinet by President Bola Tinubu. Movements in yields within the fixed income market played a role in shaping market dynamics.

They emphasised the importance of strategically positioning investments in fundamentally strong stocks, given the ongoing challenges posed by the weak macroeconomic environment on corporate earnings.

Source: businessdayng
Via: norvanreports
Tags: NGXNGX ASI hits 15-year high
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