CEM REPORT, MARKET | Investors in the equities market gained N2.54 trillion in the first quarter of 2023.
This is as the Nigerian Exchange Limited (NGX) recorded N318.5 billion in listings in the first quarter of the year across its asset classes.
As detailed in the exchange’s X-compliance report the all-share index (ASI) gained 5.81 per cent rising to 54,232.54 from 51,251.06 points.
Similarly, the market capitalisation of listed equities closed higher at N2.54 trillion to N29.54 trillion.
Thisday report that the Q1 feat is a result of the dominance of domestic investors which helped to reduce the dependence on foreign investors and prevent unnecessary shocks.
The depressed state of the market over the years was attributed to sell down by foreign investors that play a dominant role in the nation’s bourse.
However, the market is now led by local investors who have increased buying interest due to anticipations of robust earnings and dividend payout for the 2022 financial year.
Recall that CEM reported that domestic investors dominated the stock market, controlling 88.41 per cent of transactions, while foreign investors stood at 11.59 per cent.
Furthermore, on the X-compliance report, the NGX sub-indices were positive as the NGX Consumer Goods recorded a 19.15 per cent sub-index.
NGX Oil/Gas followed with a 10.45 per cent appreciation. NGX Banking with 8.5 per cent, NGX Pension 6.35 per cent, NGX-30 6.24 per cent, NGX Industrial Goods 6.05 per cent and NGX Insurance with 1.81 per cent sub-indices.
The top three performing stocks were Geregu, BUAFoods and Oando, increasing by 116.8 per cent, 56.9 per cent and 45.4 per cent while the top losers were Nigerian Breweries, Airtel Africa and Ardova shedding 9.8 per cent, 9.5 per cent and 7.3 per cent.