Following a rollercoaster ride in recent trading sessions, the NGX market capitalization witnessed a surge, soaring by N390 billion to reach N54.71 trillion by the session’s close.
The notable upswing comes in the wake of a previous day’s downturn, which saw a staggering loss of N700 billion in response to MPC outcomes. Investors, however, seem to be recalibrating their strategies, finding appeal in stocks that had experienced sell-offs.
Analyst View On NGX Market
“The market is showing signs of resilience after the recent fluctuations. Investors are seizing opportunities presented by undervalued stocks,” remarked a financial analyst.
Driving this resurgence is the buoyant performance of the banking sector, where all FUGAZ banks saw substantial increases in their market worth.
This positive sentiment rippled across the entire Nigerian Stock Exchange (NSE), marking a shift from the preceding bearish trend. The NGX All-Share Index (ASI) saw a modest climb of 714.28 points, settling at 99,980.3 points by the session’s end.
Trading activity demonstrated a notable improvement, with a total volume of 542.95 million shares changing hands, representing an increase of 146.72 million shares compared to the previous session. Moreover, the total trading value surged, with shares worth N8.697 billion traded, indicating a 49.28% uptick from the preceding session.
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Top Gainers Among NGX Investors
Notable gainers include GTCO, NEM, JULI, UBA, and CHAMPION, all recording impressive increases, with GTCO leading the pack with a 10% surge in its share price.
Top Losers Among NGX Investors
Conversely, TIP, SUNUASSUR, ETERNA, CWG, and MORISON faced declines, with TIP and SUNUASSUR both experiencing a 10% dip in their share prices.
Top Traded Stocks
UBA took the lead in trading volume, followed by TRANSCORP, JAPAULGOLD, STERLING, and FIDELITYBK. In terms of transaction value, UBA dominated the charts, followed by NESTLE and Zenith Bank.
In the SWOOT category, FBN Holdings re-entered, showing a slight uptick in market value. Notably, GTCO and Zenith Bank also witnessed gains in their share prices. Stability persists among other major players, including AIRTELAFRI, MTNN, BUACEMENT, BUAFOODS, DANGCEM, GEREGU, SEPLAT, and TRANSCOHOT.
In the top-tier banking segment, both UBA and GTCO saw significant increases in market value, indicating renewed investor confidence in the banking sector’s resilience.
The market’s recent fluctuations underscore the dynamic nature of investments, with investors navigating through uncertainties to seize opportunities presented by market shifts.