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NGX Records N329 Billion Gain, All-Share Index Climbs to 104,100 Points

Stephen Akudike by Stephen Akudike
February 16, 2024
in Business, Economy, Markets, Money Market
Reading Time: 1 min read
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Nigerian Stock Exchange Not Among Africa’s Top Performers, Despite Recent Growth.
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The Nigerian Exchange Limited witnessed a positive trading trend for the second consecutive day, recording a significant gain of N329 billion. This surge propelled the All-Share Index (ASI) and market capitalization by 0.58 percent, closing at 104,100 points and N56.961 trillion, respectively. Notably, the market’s year-to-date gain rose to an impressive 39.22 percent.

However, despite the overall positive performance, market breadth, reflecting investors’ sentiments, remained negative, with 24 gainers and 27 losers by the close of trading.

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Leading the gainers were University Press (9.96 percent), Juli Plc (9.84 percent), Mutual Benefits Assurance (9.38 percent), Daar Communications (8.82 percent), and Honeywell Flour Mill (7.50 percent), contributing significantly to the upward movement of the ASI.

Performance across sub-sector gauges depicted relative positivity, with the insurance, consumer goods, and industrial goods indices increasing by 0.18 percent, 0.22 percent, and 1.95 percent, respectively. However, the banking index experienced a decline of 1.32 percent, while the oil and gas sector reported a lackluster performance.

Despite the rise in ASI, trading activities on the NGX saw a decrease compared to the previous day, with total traded value dipping by 42.89 percent to N6.91 billion. Similarly, the volume of traded equities fell by 33.35 percent to 284.49 million units, while the number of deals decreased by 5.62 percent to 8,168.

Among the major decliners for the day were Unilever, Julius Berger, and Morison, which lost 9.80 percent, 9.64 percent, and 9.60 percent, respectively, closing at N16.10, N50.60, and N2.73 each.

Guaranty Trust Holding Company emerged as the most traded security in terms of volume and value, with 56.61 million units worth N2.22 billion changing hands in 326 deals.

Tags: All Share IndexEquity MarketGainersmarket capitalizationTrading Trends
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