Financial Stocks Drive Volume as Investors Gain N332bn
Equity investors gained about N332 billion as financial stocks continue to drive transaction volume ahead of the fourth quarter earnings season.
The Nigerian Exchange (NGX) All-share index closed stronger again and key performance indicators advanced as traders boost their positions.
Due to bargain hunting, the market index and total value of listed stocks increased by 35 basis points during the trading session on Thursday.
Stockbrokers said the sustained rally reflects continued bargain hunting by market actors, supported by sustained buying interest in selective stocks. There was strong demand for NESTLE, ELLAHLAKES, UACN, MECURE, UBA, and others, across key market sectors.
Trading data showed that the market index increased by 520.23 basis, reflecting a 0.35% increase to close at 150,363.05. Also, stock market capitalisation gained ₦331.65 billion, representing a growth of 0.35%, settling at ₦95.86 trillion.
However, market activities slowdown as total volume of all trades executed in the market declined by -85.83% while the total value fell by -84.83%.
Stockbrokers reported that approximately 839.77 million units valued at ₦32,806.94 million were transacted across 23,211 deals.
FIRSTHOLDCO drive volume, accounting for 46.23% of all stock traded in the market, followed by FCMB (9.11%), LASACO (5.22%), ACCESSCORP (3.55%), and CHAMS with 2.97%.
Also, FIRSTHOLDCO led the value chart, accounting for 47.51% of the total value of all trades executed in the local bourse – the highest traded on the exchange.
NESTLE topped gainers chart, up by +10.00%, trailed by GUINNESS (+9.98%), ALEX (+9.76%), DAARCOMM (+9.20%), MECURE (+9.13%), NPFMCRFBK (+8.02%), and twenty-nine others.
A total of twenty-six stocks depreciated, data from the local bourse highlighted.
With a price depreciation of -9.33%, STANBIC topped the worst performers’ chart, followed by LASACO (-9.09%), AFRIPRUD (-8.82%), AUSTINLAZ (-8.33%), STERLINGNG (-6.12%), and REDSTAREX (-5.43%).
Hence, the market breadth closed on a positive note, as there were 35 gainers and 26 losers. Sectoral performance was mixed: Consumer Goods topped gains with a 1.23% rally, followed by Banking climbing 0.56% and Oil & Gas rising 0.05%.
The Insurance sector fell 0.23%, while Industrial and Commodity sectors remained unchanged.
Trading activity weakened across the board as share volume tumbled 85.83% to 839.77 million units, transaction value dropped sharply by 84.83% to ₦32.81 billion, and deal count declined 7.91% to 23,211 transactions First HoldCo Extends Rally on Strategic Divestment, Closes at Record High
