Transactions on the Nigerian Exchange Limited (NGX) maintained a rising profile after increases in numerous blue-chip firms, particularly Dangote Cement and Transcorp Hotel, as investors’ wealth increased by N448 billion.
The market capitalization of listed stocks increased by 1.31 percent to N34.721 trillion at the close of trading yesterday from N34.273 trillion reported on Monday. The NGX All Share Index also climbed, rising from 63766.72 points the day before by 823.37 basis points.
Price increases in major and medium capitalized equities, including Dangote Cement, Transcorp Hotels, Eterna, PZ Cussons Nigeria, and NASCON Allied Industry, were the primary driver of the upturn.
Market mood was upbeat, as shown by the market’s breadth, which showed 50 advancing stocks to only 20 declining ones.
Vetiva Dealings and Brokerage analysts stated: “We expect similar trading sessions, as investors continue to move in and out of these counters, while market activity reverts to pre-buy-back levels.”
NPF Micro Finance Bank, Honey Well Flour Mills, and NEM Insurance lead the gainers’ table with 10% each as they closed at N1.87 kobo, N3.30 kobo, and N5.94 kobo, respectively, on the price movement chart.
Following closely behind, PZ Cusson gained 9.88% to conclude at N17.80 kobo, while Eterna Plc increased by 9.92% to close at N26.05 kobo.
Japaul Gold, on the other hand, suffered the worst loss, losing 10% to close at 81 kobo. FTNCocoa lagged behind with a decline of 9.84% to close at N2.29 kobo.
To close at 74 kobo, Courtvellle Business Solutions saw an 8.64% decline. To close at 45 kobo, Sovereign Trust Insurance experienced a loss of 8.16%. NSL Tech also declined, closing at 34 kobo after losing 8.11%.
Investors exchanged 868.802 million shares worth N42.806 billion in 8970 trades as opposed to 710.018 million shares worth N13.829 billion that were traded in 8979 deals the day before.
Japaul Gold came in second with an account of 110.533 million shares valued at N90.947 million, with transactions in the shares of FCMB group coming in first with 153.879 million shares valued at N956.074 million.
Fidelity Bank sold a total of 41.906 million shares for N312.593 million, AccessCorp exchanged 49.543 million shares for N849.239 million, and Dangote Cement sold 104.882 million shares for N35.814 billion.
The Nigerian Exchange Group’s 62nd annual general meeting, which was held in Lagos, according to VFD Group Plc, one of the country’s top sector-neutral investment companies, approved the appointment of Nonso Okpala, group managing director of the VFD Group, as a non-executive director of the NGX Group.
Okpala is anticipated to add a wealth of knowledge and experience to his new role as a non-executive director of the Group.
He would be able to offer the NGX’s aim of giving investors a solid, stable, and transparent trading platform creative direction and counsel due to his in-depth understanding of investments and the financial markets.
In keeping with the present administration’s aim for swift economic revival and inclusive prosperity, the shareholders have reiterated their belief that Okpala is committed and dedicated to making sure that the exchange plays a leadership role in the country’s economic development.
Okpala stated: “It is an honor to join the NGX board. This is an exciting opportunity to contribute to the growth and development of the financial markets. I am eager to work with NGX’s talented team and to support their efforts to increase investor confidence, transparency and efficiency.”
