Nigerian Stock Market Gains N406bn as Aradel, Stanbic Rally
The Nigerian stock market swelled as equities investors’ sentiment remained positive. The local exchange gained about N406 billion due to light positioning in some stocks with strong fundamentals.
Bargain hunting lifted the Nigerian Exchange (NGX) All-share index (ASI) by 25 basis points. Stockbrokers saw bargain hunting in mid-cap and blue-chip stocks.
The market index added 604.22 basis points in today’s trading session, reflecting a 0.25% increase to close at 246,992.44 – driven by interest in ARADEL, NB, STANBIC, MTNN, among others.
The Nigerian market climbed by ₦405.67 billion, closing at ₦159.56 trillion. Market activity was up today, with total trade volume and transaction value increasing by 416.66% and 150.55%, respectively.
Stockbrokers reported that approximately 2,242.42 million units, valued at ₦73,411.30 million, were transacted in 42,709 deals.
FTGINSURE drove activity, accounting for 71.33% of all volume traded in the market, followed by UBA (5.51%), CONHALLPLC (2.59%), ZENITHBANK (1.52%), and ACCESSCORP (1.24%).
UBA topped the value chart, accounting for 14.84% of all transactions executed on the local bourse, making it the most actively traded stock on the exchange.
ABBEYBANK and ROYALEX led the gainers chart, up by +10.00% each, then trailed by NB (+9.93%), JOHNHOLT (+9.89%), DAARCOMM (+9.68%), ELLAHLAKES (+9.09%), CHAMPION (+8.64%), and twenty-one others.
A total of thirty-one stocks depreciated. With a price depreciation of -10.00% each, REDSTAREX and HMCALL topped the worst performers’ chart, followed by IMG (-9.97%), JULI (-9.66%), UPL (-9.09%), SOVRENINS (-8.82%), and BETAGLAS (-8.21%).
Hence, market breadth closed on a negative note, with 28 gainers and 31 losers. Sectoral performance was positive today as three of the five major market sectors increased.
The Consumer goods sector appreciated by 1.28%, followed by the Oil & Gas sector (1.12%) and the Banking sector (0.44%). The Insurance and Industrial goods sectors declined by -1.05% and- 0.64%, respectively. Overnight Rate Rises as Financial System Liquidity Drops
