The Nigerian equity market was spectacular on Tuesday, as the market capitalisation rose from N30.45 trillion last week Friday June 9 2023 to N31.67 trillion on Tuesday, a day after the Democracy holiday, representing a gain of N1.22 trillion on a single trading day.
The All-Share Index (ASI) gained additional 2,232.58 points to attain a new year high of 58,163.55 points on Tuesday compared to 55,930.97 points last week Friday, representing an appreciation of 4 percent in both metrics.
The outstanding performance of yesterday by listed stocks, took the year to date returns of ASI to 13.5 percent. As of June 9, ASI’s year-to-date return was 9.3 percent.
The NGX Afrinvest Banking Value Index ended the day with a daily return of 9.9 percent; NGX Banking Index, 8.8 percent; NGX Afrinvest High Dividend Yield Index, 7 percent; AFR-ICT Index 5.5 percent, among others.
“We believe the performance may not be unconnected to the news of the suspension of the former CBN governor over the weekend – a development market watchers believe could lead to improvement in the financial sector regulation and the end of aggressive capital controls. As such, YTD return increased to 13.5% (previously: 9.1%) while market capitalisation gained ₦30.5tn to ₦31.7tn. Activity level improved as volume and value traded rose 106.4% and 215.9% to 1.2bn units and ₦19.2tn, respectively,” analysts at Afrinvest said in a note to investors after yesterday’s trading activities.
“Investor sentiment, as measured by market breadth, improved to 1.07x from 0.23x in the previous session as 60 stocks gained, 12 lost while 45 closed flat. We anticipate a softer gain in the next trading session as investors reassess upside opportunities across different tickers,” Afrinvest added.
In terms of volume, the most traded stocks were UBA, GT Bank, Alex, Zenith Bank and Japaul Gold. In terms of value, the stocks that led the chart were GT Bank, Zenith Bank, UBA, MTN, and Access Group.
When ranked by market returns, Universal Insurance leads the chart with a year-to-date return of 393.67 percent, and it is followed by Triple G, 343.26 percent; MRS 251.72 percent; FTN Cocoa, 184.96 percent; Transport, 171.51 percent, and Conoil 160.95 percent. Others are Ikeja Hotel 127.59 percent; Lasaco, 115 percent; Mansard 113.64 percent, and Chams, 111.72 percent.
