The Nigerian Exchange Limited (NGX) rebounded on Thursday, recording a market capitalisation gain of N82bn, as UPDC Plc, International Breweries, and Royal Exchange Plc led the gainers’ chart.
The NGX recovers N82bn positive development is expected to boost investor confidence in the market.
At the close of trading, the All-Share Index increased by 130.24 points, or 0.12 per cent to settle at 106,220.62 points. Despite this recovery, the market remained on a one-week decline of 0.52 per cent and a four-week loss of 2.7 per cent, while maintaining a year-to-date gain of 3.2 per cent. The market’s performance was influenced by various factors, including economic indicators, corporate earnings, and global market trends.
Market data showed that 341.7 million shares valued at N16.65bn were traded in 11,233 deals, representing a 77 per cent drop in trading volume, a 62 per cent increase in turnover, and a four per cent decline in deals compared to the previous trading session. The financial services sector led the activity chart, accounting for 73.22 per cent of the total equity turnover.
Investor sentiment was mixed, with 123 equities participating in trading. A total of 36 stocks closed in the green, while 20 recorded losses. UPDC Plc led the gainers, appreciating by 9.92 per cent to close at N2.77 per share, followed by International Breweries, which gained 9.62 per cent, and Royal Exchange Plc, which rose by 9.59 per cent. On the flip side, University Press Plc topped the losers’ chart, declining by 10 per cent to N4.32 per share.
Sectoral performance was mixed. The Consumer Goods Index gained 1.4 per cent, the Insurance Index rose 0.62 per cent, and the Main Board Index increased 0.22 per cent. However, the Oil & Gas Index dropped 1.07 per cent, while the Industrial Index remained unchanged. The NGX’s sectoral performance was influenced by various factors, including economic indicators, corporate earnings, and global market trends.
Investor sentiment was mixed, with some investors taking advantage of the market’s recovery to buy shares, while others sold their shares to lock in profits. The market’s performance was influenced by various factors, including economic indicators, corporate earnings, and global market trends.
Nigeria’s economy has been facing various challenges, including inflation, unemployment, and a decline in the value of the naira. However, the government has implemented various policies to address these challenges, including the introduction of the Economic Recovery and Growth Plan (ERGP). The ERGP aims to promote economic growth, reduce inflation, and improve the business environment.
Corporate earnings have been a major driver of the NGX’s performance. Some companies have reported positive earnings, while others have reported losses. The NGX’s corporate earnings have been influenced by various factors, including economic indicators, global market trends, and company-specific factors.