Equity market extends rally with N329bn gain

Money Matters

The Nigerian exchange earned N329 billion on day two, continuing its upward trading trend.

The market’s year-to-date gain surged to 39.22 percent, while the All-Share Index and market capitalization increased by 0.58 percent to close at 104,100 points and N56.961 trillion, respectively.

At the closing of trade, there were 24 gainers and 27 losers, indicating a negative market breadth, which is a gauge of investor mood.

The ASI increased as a result of contributions from University Press (9.96%), Juli Plc (9.84%), Mutual Benefits Assurance (9.38%), Daar Communications (8.82%), and Honeywell Flour Mill (7.50%).

The insurance, consumer goods, and industrial goods indices improved by 0.18 percent, 0.22 percent, and 1.95 percent, respectively, indicating a generally strong performance across sub-sector gauges.

The oil and gas industry saw a slowdown in performance, and the banking index dropped 1.32 percent.

Even though the ASI increased, trading on the NGX was not as active as it was the day before, with the total traded value falling by 42.89 percent to N6.91 billion.

In addition, the amount of traded stocks decreased by 33.35 percent to 284.49 million units, and there were 8,168 fewer trades, or 5.62% fewer than before.

Unilever, Julius Berger, and Morison were the biggest losers of the day, down 9.80%, 9.64%, and 9.60%, respectively, to end at N16.10, N50.60, and N2.73 apiece.

Guaranty Trust Holding Company was the most traded security in terms of both volume and value, having changed hands in 326 transactions for a total of 56.61 million units valued at N2.22 billion.

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