Lagos, Nov 30, 2023
The Nigerian Exchange Limited, NGX, ended Thursday’s trading on a positive note with a 0.11 per cent advance, signalling a gain of 81.91 points for the All-Share Index (ASI), closing at 71,365.25 points. Concurrently, the market capitalisation increased by N44 billion, closing at N39.052 trillion. Month-to-Date and Year-to-Date returns also rose to +3.1% and +39.3%, respectively.
Airtel Africa, Northern Nigeria Flour Mills (NNFM), Ecobank Transnational Incorporated (ETI), MeCure Industries, and Guaranty Trust Holding Company (GTCO) were amongst the major contributors to the upsurge, seeing increased investor interest.
Market analysts at Afrinvest Limited expressed optimism, expecting the positive momentum to persist in the upcoming trading session due to improved investor sentiment.
Trade volume surged by 49.77 per cent to 540.086 million units, valued at N10.243 billion, involving 6,516 deals. GUARANTY TRUST HOLDING COMPANY PLC took the lead in trade volume, with 67.23 million shares worth N2.603 billion.
Meanwhile, market breadth closed negative with 24 stocks advancing and 32 declining. The gainers’ list was dominated by NNFM, recording a 10 per cent increase to close at N35.20 per share. Conversely, Secure Electronic Technology led the losers’ chart with a 9.72 per cent decline to close at 65 kobo per share.
In sectoral performance, the Insurance (-0.8%), Banking (-0.4%), Consumer Goods (-0.3%), and Oil & Gas (-0.1%) indices experienced losses, while the Industrial Goods (+0.1%) index made gains.
The upbeat trading session points to a positive outlook for the Nigerian stock market, driven by the impressive performance of large cap stocks, steering the market towards growth.
Olusola Akintonde
