Equity Investors open November with N 739,262bn gain buoyed by Airtel Africa

NGX Equity market investors were celebrative with gains, as trading on the bours closed thed ay with N739,262 billion value accretion, sustaining the bullish trend that closed the month of October.

The equities market opened for trading on Wednesday with N38, 038,623,314,841.48 trillion market value, but closed the session at N 38,777,884,832,131.34 trillion, reflecting N739, 262 billion value growth.

Remarkably, the stock market kicked off the new month with a strong surge, as the NGX All-Share Index recorded a notable increase of 1.94%, closing at 70,581.76 points underpinned by increased investor confidence and notable price movements, especially in the banking and insurance sectors.

This positive momentum was indicative of a bullish sentiment in the market, with a higher 37 gainers outnumbering the 16 losers. The total market capitalization of listed equities reached N37.78 trillion, contributing to a substantial year-to-date gain of 37.72 per cent for the index. Equity investors reaped the rewards of this mid-week upswing, gaining N739.3 billion.

Notably, share prices of select stocks, including AIRTELAFRI, CHAMS, UPL, NEM, and FBNH, saw significant increases of 10.00 per cent, 9.91 per cent, 9.91 per cent, 9.90 per cent, and 9.78 per cent, respectively, fueled by increased buying interest. Sector-wise, market performance was mixed.

The NGX Banking and Insurance indices made substantial gains of 2.21 per cent and 3.73 per cent, respectively. In contrast, the Consumer Goods index dipped slightly by 0.14 per cent, while the Industrial Goods sector exhibited a modest bearish trend, with a marginal 1 basis point drop. The Oil/Gas sector, however, remained relatively stable.

Market activity at mid-week demonstrated further improvement, with trading volume and value surging by 24.51% and 82.25%, totalling 601.73 million units valued at N11 billion.

Despite the overall bullish market performance, the total number of deals for the day decreased by 7.26%, amounting to 7,444 trades. UBA took the spotlight as the most actively traded stock for the day, with 163.56 million shares changing hands, equivalent to N3.47 billion in 796 deals.

Wednesday’s top five gainer stocks

AIRTELAFRI opened the month as the highest gainer with N154.10 or 10.00 per cent gain, to close the day at N1694.10 per share, followed by CHAMS with N0.22 or 9.91 per cent growth, closing the day at N2.44 per share, while UPL closed at N2.33 per share, following growth by N0.21 or 9.91 per share.

NEM appreciated by N0.50 or 9.90 per cent to N5.55 per share while FBNH closed the top five gainers group at N19.65 per share, having appreciated by N1.75 or 9.78 per cent.

Worst five losers

CAVERTON led the losers , dipping by N0.12 or 7.74 per cent to N1.43 per share, followed by CHAMPION with N0.25 or 6.85 per cent loss in share price to close thed ay at N3.40 per share, while CILEASING dipped by N0.23 or 6.41 per cent to N3.36 per share.

UPDCREIT declined by N0.10 or 2.70 per cent to N3.60 per share, while UNILEVER ended the worst five losers group at N14.00 per share, having dropped by N0.35 or 2.44 per cent.

Top trades

UBA led the activity group as the most active stock with turnover of 163,561,897.00 million shares worth N3,472,893,985.65 billion, followed by FBNH with 94,654,715.00 million shares valued N1,841,454,691.35 billion, while GTCO closed tird in the group with turnover of 45,752,181.00 million shares valued N1,601,406,261.85 billion.

ACCESSCORP polled 36,693,960.00 million shares worth N641, 992,418.40 million, while UNIVINSURE closed the top five most active shares group, with 34,716,033.00 million turnover of shares worth N8, 938,063.61 million.