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By Chukwuma Umeorah
The Nigerian Exchange Group (NGX) maintained its upward trajectory on Wednesday, recording a 0.25 per cent increase that elevated its benchmark performance indicator to 71,014.34 basis points. This reflects a year-to-date (YTD) growth of 38.22 per cent.
Yesterday’s positive momentum was fueled by increased buying interest in prominent blue-chip stocks such as MTNN, Oando, and GTCO. At the close of Wednesday’s trading session on the NGX, a total of 297.35 million units of shares, corresponding to a market value of N6.16 billion, were traded in 6,172 deals.
Comparing these figures with the previous NGX trading day, the data reveals a 9 per cent decline in volume, an 83 per cent improvement in turnover, but a 6 per cent decrease in the number of deals. The current market capitalization stands at N39.053 trillion.
The market’s resilience in the face of inflationary pressures underscores the confidence and bullish sentiment among investors, as evidenced by the All-Share Index (ASI) surpassing the 71,000 mark. Analysts are projecting stable growth, with investors positioning themselves for an end-of-year rally on stocks.
Oando and Omatek led the market’s advancers, each experiencing an impressive 10 per cent increase in share price to close at N11.55 and N0.77 per share, respectively. They were closely followed by the newly listed Mecure, which rose from N4.74 to close at N5.21, reflecting a 9.92 per cent increase. C&I Leasing also saw a significant gain, moving from N3.75 to N4.12, representing a 9.87 per cent increase.
Market Breadth was positive, with 39 stocks appreciating while 19 depreciated. SCOA emerged as the worst performing stock for the day, shedding 9.68 per cent to close at N1.12 per share.
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