“It Will Not Trend Because It Is Not Bad News”- Mixed Reactions As Nigeria’s Stock Soars To Historic Highs As ASI Hits Unprecedented Levels

“It Will Not Trend Because It Is Not Bad News”- Mixed Reactions As Nigeria’s Stock Soars To Historic Highs As ASI Hits Unprecedented Levels....KINDLY READ THE FULL STORY HERE▶

Written By Oshiobugie Omo-Ikirodah

In a major surge, Nigerian stocks made significant gains on Tuesday, with the all-share index (ASI) — the principal metric reflecting equity performance — reaching its zenith. CONTINUE READING

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Recording a 0.51 percent ascent, the ASI of the Nigerian Exchange Limited (NGX) clocked 66,490.34 basis points, taking a leap from 66,151.38 noted the day prior. This latest performance has outstripped a previous record set on March 5, 2008, when the ASI touched 66,371.2 basis points.

In addition to this, the market’s capitalisation exhibited a substantial uptick, registering a close at N39.69 trillion, a jump from N36.21 trillion just a day earlier.

With the scales tilting positively, the market sentiment reflected optimism as 34 stock tickers soared in comparison to 32 that faced declines.

Topping the day’s performance chart were Champion Breweries and Flour Mills of Nigeria, both of which witnessed a 10.0 percent enhancement in their share value. Contrarily, CWG and Linkage Assurance bore the brunt of the day’s losses with a 10.0 percent dip in their share prices. CONTINUE READING

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Examining sectoral performance, the day ended on a high note with three out of five indexed sectors ending in the green. NGX Banking, NGX Consumer Goods, and NGX Industrial indices surged by 1.63 percent, 0.99 percent, and 0.21 percent, respectively.

However, it wasn’t all rosy, with the NGX Insurance and NGX Industrial indexes dipping by 1.56 percent and 0.09 percent, in that order.

The market pulsated with activity. Deals, volume, and value surged by 10.27 percent, 40.45 percent, and 79.14 percent respectively. This culminated in 7,932 trades involving 436.96 million units valued at N7.01 billion.

Dominating the volume metric was FBN Holdings, trading 55.15 million shares, amounting to N911.21 million across 288 deals.

Japaul’s 33.1 million units, equivalent to N29.9 million, were dealt in 127 transactions.

Other notable mentions include United Bank for Africa (UBA) with 30.2 million shares (worth N412.2 million) in 506 deals, Access Holdings with 25.4 million shares (estimated at N414.4 million) in 452 transactions, and Transcorp which traded 18.2 million shares, tallying to N127.7 million, across 181 deals.

Source: Bushradiogist