Emmanuel OchayiThe Nigerian exchange continued its upward trajectory for the second consecutive day, witnessing a notable gain of N329 billion.
This surge propelled both the All-Share Index and the market capitalization by 0.58 per cent, settling at 104,100 points and N56.961 trillion, respectively. The market’s year-to-date gain soared to 39.22 per cent.
Join our WhatsApp ChannelDespite the overall positive sentiment, the market breadth, reflecting investors’ sentiments, leaned towards the negative side, with 24 gainers against 27 losers at the close of trading.
Notable contributors to the market’s ascent included University Press, Juli Plc, Mutual Benefits Assurance, Daar Communications, and Honeywell Flour Mill.
Performance indicators across various sub-sector gauges portrayed a mixed picture, with the insurance, consumer goods, and industrial goods indices experiencing modest increases.
Conversely, the banking index witnessed a decline of 1.32 per cent, while the oil and gas sector saw subdued performance.
However, trading activities on the Nigerian Exchange (NGX) remained lackluster compared to the preceding day, with total traded value plummeting by 42.89 per cent to N6.91 billion.
Similarly, the volume of traded equities fell by 33.35 per cent to 284.49 million units, accompanied by a 5.62 per cent decrease in the number of deals.
Among the decliners for the day were Unilever, Julius Berger, and Morison, each experiencing losses of 9.80 per cent, 9.64 per cent, and 9.60 per cent, respectively. Conversely, 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.
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While the Nigerian exchange maintains its positive momentum, the market continues to navigate through fluctuations, reflecting both investor optimism and cautiousness amid evolving economic dynamics.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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