Aradel, Stanbic Drive NGX Index Up Amid FirstHoldco Selloff
The Nigerian Exchange (NGX) recorded a thin gain at the beginning of the trading session due to positive price movement in Aradel Holdings, Stanbic IBTC and some lightweight insurance stocks.
According to data obtained from the Lagos bourse, the market index gained a meagre 0.01% to settle at 165,384.63 points. Hence, stock market capitalisation expanded by N11.5 billion to N106.2 trillion amidst earnings releases by listed companies.
Price upticks in ARADEL (+5.10%) and STANBIC (+9.26%) marginally offset selloffs in FIRSTHOLDCO (-8.78%) and ETI (-8.33%). Overall market sentiment tilted bearish, with more laggards (42) than gainers (28) and a market breadth of 0.7x.
PREMPAINTS (+10.00%) and UNIVINSURE (+10.00%) posted maximum gains to top the gainers chart, while OMATEK (-10.00%) and MANSARD (-9.94%) led the laggards.
Trading activity trended positively as share volume rose 10.96% to 762.75 million units, transaction value increased 22.86% to ₦18.41 billion, and deal count jumped 33.26% to 55,374 transactions.
TANTALIZER led the volume charts with 88.5 million units (11.6% of total volume traded), while ZENITHBANK led the value chart with N2.9 billion worth of trades (15.6% of total value traded)
Sectoral performances were mostly bearish, with 4 major indices declining in the session, supported by building bearish sentiments.
The bearish sentiments were dominated by the financial services sectors, with the Insurance (-1.99%) and Banking (-0.64%) indices declining on account of losses in MANSARD (-9.94%) and FIRSTHOLDCO (-8.78%).
Following suit were the Consumer Goods (-0.37%) and Industrial Goods (-0.08%) indices, owing to bearish sentiments in INTBREW (-1.38%) and BETAGLAS (-5.31%), respectively.
Renewed demand for ARADEL (+5.10%) drove appreciation in the Oil & Gas (+2.00%) and Commodity (+1.11%) indices. #Aradel, Stanbic Drive NGX Index Up Amid FirstHoldco Selloff CBN Conducts 3 OMO Bills Auctions, Cuts Interest Rate
