The Nigerian stock exchange sustained its upward trajectory for the second consecutive day, witnessing a substantial gain of N329 billion in market value.
Indices Reflect Positive Growth
The All-Share Index (ASI) and market capitalization demonstrated a notable increase of 0.58%, closing at 104,100 points and N56.961 trillion, respectively. The year-to-date gain for the market reached an impressive 39.22%.
Market Breadth Diverges with Gainers and Losers
Despite the overall positive trend, the market breadth revealed a divergence in investor sentiments, concluding with 24 gainers and 27 losers by the end of the trading session.
Top Gainers Driving the Momentum
University Press, Juli Plc, Mutual Benefits Assurance, Daar Communications, and Honeywell Flour Mill played significant roles in propelling the ASI upwards, with gains ranging from 7.50% to 9.96%.
Sectoral Performance Overview
While the insurance, consumer goods, and industrial goods indices exhibited positive growth, the banking index experienced a decline of 1.32%. The oil and gas sector reported lackluster performance during the trading session.
Lackluster Trading Activity Despite ASI Surge
Despite the surge in the ASI, trading activity on the Nigerian Exchange (NGX) was relatively lackluster compared to the previous day. The total traded value plummeted by 42.89% to N6.91 billion.
Decrease in Traded Equities Volume and Number of Deals
The volume of traded equities witnessed a decline of 33.35%, totaling 284.49 million units. Concurrently, the number of deals decreased by 5.62% to 8,168.
Major Decliners and their Impact
Unilever, Julius Berger, and Morison emerged as the major decliners for the day, each experiencing losses ranging from 9.60% to 9.80%. Their closing prices stood at N16.10, N50.60, and N2.73, respectively.
Guaranty Trust Holding Company Dominates Trading
Guaranty Trust Holding Company took center stage as the most traded security in terms of both volume and value, with 56.61 million units worth N2.22 billion changing hands in 326 deals.
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