The Surge in Stock Market Worth as Investors Show Strong Interest
The stock market experienced a significant surge on Thursday, with investors’ interest in purchasing stocks leading to a substantial increase in net worth of N265 billion.
This positive development can largely be attributed to the strong interest of investors in the shares of Tier-one banks.
The market capitalisation increased by 0.62 percent or N265 billion, reaching N42.694 trillion at the close of trading, compared to the N42.429 trillion recorded the previous day. Additionally, the All-Share Index climbed by 0.62 percent or 482.97 points, concluding at 78,020.54, compared to the previous session’s 77,537.57.
Furthermore, the Year-to-Date (YTD) return experienced an upsurge to 4.34 percent, while the value of transactions witnessed a significant 4.40 percent increase.
A total of 984.19 million shares valued at N11.16 billion were exchanged in 12,976 deals, indicating a positive market breadth and a higher trade turnover compared to the previous session.
The improved market performance can largely be attributed to investors’ strong interest in Tier-one banks, particularly Zenith Bank, Guaranty Trust Company, and Dangote Sugar.
It is noteworthy that FCMB topped the volume chart with 106.81 million units traded, while Fidelity Bank led the value chart with deals worth N1.31 billion.
In terms of gainers, Wema Bank and LearnAfrica led with a commendable 10 percent increase each to close at N6.71 and N3.19 per share, respectively. Transcorp followed closely with a gain of 9.93 percent, ending at N11.51 per share, while Ikeja Hotel and Sterling Nigeria also posted notable gains of 9.92 percent and 9.83 percent respectively.
On the other hand, Multiverse Mining and Exploration topped the losers’ table with a 9.97 percent loss, closing at N20.22 per share. This was followed by Meyer, which experienced a 9.75 percent decline to close at N3.24 per share. TrippleG, Johnholt, and ABC Transport also recorded losses of 9.30 percent, 8.62 percent, and 8.25 percent respectively.
The strong performance of the equity market is a positive indication of investors’ confidence and interest in the financial system. As we continue to monitor these market trends, it is important for investors to make informed decisions and consider consulting with financial experts for valuable insights.
Source: Nigerian Tribune
