The market capitalization of the Nigerian Exchange Limited (NGX) increased by N532 billion yesterday thanks to rises in the shares of several well-capitalized companies, particularly Airtel Africa and Nestle.
Particularly, the All Share Index (ASI) increased by 986.63 points at the end of yesterday’s trading, or 2.03 percent, to settle at 49,661.87 points. As a result, investors made N532 billion in profit as the market valuation increased to N26.786 trillion.
Gains in medium- and large-capitalized firms, including Airtel Africa, Nestle Nigeria, BUA Foods, Nigerian Exchange Group (NGXGroup), and Learn Africa, had an impact on the recovery.
The optimistic outcome of the stock market was driven by investors’ search for bargains in select bell-wether equities, according to experts at GTI Securities Limited. As investors continue to make investment decisions and more companies announce their Q2 results, there are conflicting expectations.
18 stocks had gains contrasted to 11 losers, resulting in a positive closing market breadth. Learn Africa came in second with a rise of 9.78% to close at N2.47 kobo, while Computer Warehouse Group (CWG) had the largest price gain of 10% to conclude at 99 kobo.
Caverton Offshore Support Group and Multiverse Mining and Exploration both had gains of 9.52 percent to close at N2.30 kobo and N1.15 kobo, respectively, while Chams increased by 8% to close at 27 Kobo.
Lasaco Assurance gained 6.32 percent to settle at N1.01 kobo, while Airtel Africa increased 7.06 percent to close at N2,040. Oando gained 4.17 percent to end the day at N5. To settle at N55.80 kobo, BUA Foods gained 3.33 percent. Additionally, NEM assurance rose by 3.31 percent to settle at N5.
Conversely, Mutual Benefits Assurance, which closed at 28 kobo and was in first place on the losers’ chart by 9.68%. Following closely behind, Honeywell Flour Mills dropped 8.42% to settle at N2.72 kobo, while Flour Mills of Nigeria dropped 7.06% to close at N27.
While FCMB Group lost 3.51 percent to settle at N3.02 kobo, Unity Bank lost 4.76 percent to close at 40 kobo. To close at N3.02 kobo, First City Monument Bank suffered a 3.51 percent loss.
FTN Cocoa decreased 3.33 % to finish at 29 kobo. To close at 39 kobo, Wapic Insurance saw a 2.50 percent drop. 2.30 percent was lost by Jaiz Bank, which closed at 85 kobo. To close at N3.85 kobo, Champion Breweries saw a 1.28 percent decline. Additionally, GTCO fell 75% to end at N19.95 kobo.
The total amount of shares traded climbed by 32. 15% to 226.473 million, with a value of N2.764 billion and 3,515 transactions. Mutual Benefits Assurance share transactions, totaling 74.544 million shares valued at N22.838 million, topped the list of activities.
Access Holdings traded 15.845 million shares valued at N130.192 million, while FBN Holdings exchanged 23.429 million shares worth N251.880 million.
15.253 million shares of United Bank for Africa (UBA) were traded for N107.071 million, while 13.485 million shares of NEM Insurance were exchanged for N62.124 million.