NGX Climbs by N575bn as Zenith Bank, Aradel Drive Momentum
Nigerian Exchange (NGX) market capitalisation increased by more than N575 billion as Zenith Bank, Aradel Holdings, and HBM Nigeria drove momentum in the local bourse on Tuesday.
The stock market closed trading activities on a positive note, as key market performance indicators appreciated by 36 basis points amidst the ongoing Dangote Refinery IPO.
The Oil & Gas sector led gains; stockbrokers reported buying interest in medium and large-cap stocks across key market sectoral indices. ARADEL, NGXGROUP, ZENITHBANK, HBMNG, among others, recorded notable gains.
Consequently, the market index, or All-Share Index, added 887.23 basis points to close at 244,186.47. Also, stock market capitalization gained ₦575.25 billion to close at ₦158.32 trillion.
Total volume of all trades and total transaction value in the market increased by +17.75% and +76.84%, respectively. Stockbrokers reported that approximately 505.12 million units valued at ₦36,287.05 million were transacted across 71,635 deals.
MBENEFIT topped the volume chart, accounting for 7.53% of all shares traded, followed by GTCO (7.24%), ZENITHBANK (5.95%), FIDELITYBK (5.69%), and MANSARD with 4.42%.
ARADEL topped the value chart, accounting for 17.12% of total transaction value executed in the local bourse, thereby making it the highest traded on the exchange.
NGXGROUP led the gainers chart, up by +9.95%, trailed by ARADEL (+9.62%), SOVRENINS (+9.50%), MCNICHOLS (+9.09%), INTBREW (+8.50%), WAPIC (+7.69%), and twenty-seven others.
A total of twenty-eight stocks depreciated. With a price depreciation of -10.00%, ETI topped the worst performers’ chart, followed by TRANSEXPR (-9.93%), AVACAP (-9.90%), PZ (-9.52%), PRESTIGE (-8.72%), and CAVERTON (-7.59%).
Hence, the market breadth closed on a positive note, with 33 gainers and 26 losers. Sectoral performance was positive today as three of the five major market sectors increased.
The Oil & Gas sector led by +3.79%, followed by the Consumer goods sector (+1.06%), and the Banking sector (+0.08%). The Industrial goods sector and the Insurance sector declined by -0.58% and -0.18%, respectively. Top 5 Stocks with Buy Recommendations from Broadstreet
