NGX Market Cap Hits N33trn as Investors Bet on Impressive Half-Year Earnings

By Dipo Olowookere

The size of the Nigerian Exchange (NGX) Limited in terms of value closed in the N33 trillion region on Friday, June 30, 2023.

It was the last trading session of the week, the month, the second quarter, and the first half of the year yesterday, with organisations closing their books to give an account of their financial performance.

In the coming days, companies selling their shares at the local bourse should be releasing their half reports. Investors are betting on positive results from these firms and are taking a position in preparation for the goodies to follow.

At the close of transactions, 57 stocks closed on the gainers’ chart, and 20 equities finished on the losers’ log, indicating a positive market breadth and a strong investor sentiment.

PZ Cussons gained 10.00 per cent to sell at N22.00, Eterna rose by 9.95 per cent to N21.00, Learn Africa improved by 9.93 per cent to N3.21, Ikeja Hotel appreciated by 9.92 per cent to N3.99, and Transcorp Hotels increased by 991 per cent to N23.40.

On the flip side, Pharma-Deko shed 10.00 per cent to trade at N1.80, Cornerstone Insurance depreciated by 9.09 per cent to N1.10, Guinea Insurance decreased by 8.70 per cent to 21 Kobo, Universal Insurance also went down by 8.70 per cent to 21 Kobo, and Prestige Assurance fell by 7.69 per cent to 48 Kobo.

Yesterday, the banking counter grew by 1.69 per cent, the energy space rose by 0.78 per cent, the consumer goods sector improved by 0.58 per cent, and the insurance industry expanded by 0.07 per cent, while the industrial goods sector dwindled by 0.54 per cent.

When the market closed for the day, the All-Share Index (ASI) was up by 859.41 points to 60,968.27 points from 60,108.86 points, as the market capitalisation increased by N468 billion to N33.198 trillion from N32.730 trillion.

The market was very busy on Friday, and this may have been caused by the closure of the bourse for two days to celebrate this year’s Sallah.

Investors traded 998.1 million shares worth N16.0 billion in 10,580 deals during the session, in contrast to the 763.7 million shares worth N12.5 billion traded on Tuesday in 9,463 deals, implying an increase in the trading volume, value, and the number of deals by 30.69 per cent, 28.00 per cent, and 11.80 per cent, respectively.