NGX Swells by N481bn on Insurance, Consumer Goods Stocks Rally
The Nigerian Exchange (NGX) All-Share Index (ASI) recovered from sell pressures on Tuesday as investors showed interest in insurance and consumer goods stocks. The local bourse closed trading activities on a positive note, as key market performance indicators edged higher by 30 basis points.
Stockbrokers reported bargain hunting in Insurance names, supported by momentum in DANGSUGAR, GUINNESS, HBMNG, TRANSCORP, among others, including lightweight gainers.
Consequently, the market index inched up by 745.81 basis points to close at 247,984.55. Also, stock market capitalisation increased by ₦481.18 billion to close at ₦159.99 trillion.
Total Volume of all trades executed in the local bourse increased by +6.11% while transaction value declined by -36.32%. In its note, Atlass Portfolio Limited told investors that approximately 676.92 million units valued at ₦36,428.89 million were transacted across 55,412 deals.
ACCESSCORP drove volume, accounting for 12.98% of all units traded in the market, followed by FCMB (10.19%), CHAMS (4.60%), UCAP (4.41%), and ZENITHBANK with 3.92%.
HBM Nigeria Plc (Ticker- HBMNG) topped the value chart, accounting for 18.77% of transaction value executed in the stock market, thereby making it the highest traded on the exchange.
THOMASWY led the gainers chart, up by +9.73%, trailed by IKEJAHOTEL (+9.53%), TIP (+9.52%), NEIMETH (+9.47%), FTNCOCOA (+8.72%), OMATEK (+7.78%), and twenty-seven others.
A total of twenty stocks depreciated. With a price depreciation of -9.95%, MECURE topped the worst performers’ chart, followed by HMCALL (-9.86%), CMFC (-9.85%), TRANSEXPR (-9.68%), ACADEMY (-9.38%), and HONYFLOUR (-5.04%).
Hence, the market breadth closed on a positive note, as there were 33 gainers and 20 losers. Sectoral performance was positive today as four of the five major market sectors increased.
The Insurance sector led with +0.49%, followed by the Consumer goods sector (+0.47%), the Industrial goods sector (+0.04%), and the Oil & Gas sector (+0.03%). Only the Banking sector declined by -0.02%.
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