The market trade value increased significantly by 84.7% yesterday, as shares worth N95.01 billion were traded, as opposed to N10.31 billion in the previous session.
This remarkable increase reflects the high demand and confidence of investors in the Nigerian stock market.
The equity marketplace witnessed a significant boost of N270 billion on Thursday, as investors showed more confidence in the stocks.
The market capitalization rose by 0.81% to close at N33.77 trillion from the previous trading close of N33.50 trillion, while the All-Share Index increased by 496.31 points (0.81%) to end the day at 62,019.88.
The NGX All Share Index is seen approaching the level that was last observed in 2008 after President Bola Tinubu’s government scrapped fuel subsidies and devalued the naira.
The positive performance of the Nigerian Stock Exchange (NSE) was driven by significant gains in the banking industry with an index of shares rising 23% in the month of June. Local investors seeking to safeguard their money from soaring inflation are another major factor driving the stock market’s growth.
Below are the market indices for today’s trading session:
NGX ASI: 62,019.88 points
% Day Change: 0.81%
% YTD: +21.01%
Market Cap: N33.77 trillion
Volume Traded: 5.44 billion
Value: N95.01 billion
How Stocks Performed
The trading session ended positively today, as CONOIL soared by 10.00% and became the top gainer, while WAPIC plunged by 9.59% and was the worst performer. FBNH had the highest volume of traded stocks at the close of the market.
The market trading value soared by 84.7% today, as shares worth N95.01 billion were exchanged, compared to N10.31 billion in the previous session.
9,948 transactions were completed in the market for the day, up from the 9,815 reported in the previous session.
Top Gainers and Top Losers
The top three performers in the stock market today were CONOIL, MRS and ETERNA, as they all recorded a remarkable 10.00% increase in their share prices.
On the other hand, the market was pulled down by the poor performance of WAPIC, UPDC, and INTENEGINS, which lost 9.59%, 9.24% and 9.09% respectively. These stocks offset some of the gains made by other sectors.
Top Traded Stocks
The level of trading activity rose today, as 5.44 billion shares were traded, compared to 846.3 million yesterday, indicating an increase of 4.59 billion in the volume of shares traded.
The top three stocks in terms of trading volume in today’s market were FBNH, FCMB and ACCESSCORP. FBNH had the highest volume with 4.69 billion units, followed by FCMB with 126.77 million units and ACCESSCORP with 56.48 million units. These stocks accounted for 86.5% of the total market volume of 5.44 billion units.
FBNH, ACCESSCORP, and FCMB were the top three companies by value traded on the stock market today. They recorded N87.8 billion, N1.02 billion, and N744.09 million respectively.
Swoot’s market value rose due to the positive performance of two major companies: DANGOTE CEMENT and ZENITH BANK, which increased by 1.75% and 1.32% respectively, and GTCO, which decreased by 0.14%.
The market today was stable for BUA CEMENT, AIRTEL AFRICA, MTN NIGERIA and BUA FOODS. These companies did not see any changes in their prices and closed the day at the same level as yesterday.
The Nigerian stock market closed on a positive note today, thanks to the impressive performance of some leading banks. FCMB, ACCESS HOLDINGS, UBA and ZENITH BANK were the top gainers, adding 7.08%, 2.51%, 1.91%, and 1.32% to their share prices respectively. However, GTCO was the only laggard among the banking stocks, shedding 0.14% of its value.
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