NGX Gains N41 bln as Investors Hunt Value Stocks
The Nigerian Exchange, NGX, gains more than N41 billion on Thursday as equity investors kickstart fresh hunting for value stocks.
After halting a 5-day downward trend, there was a renewed appetite in all the major market sectors, save for the Consumer Goods that declined compared to the prior session, according to Atlass Portfolios brokers note.
Consequent to the buying interest, the Nigerian Exchange the All-Share Index increased by 76.89 basis points representing 0.16 per cent appreciation, to close at 47,363.98 points.
Equity market capitalisation inched higher ₦41.45 billion to close at ₦25.53 trillion amidst unimpressive trading activities in the fixed income market that have resulted in declining yields.
Thus, the market activities were bearish, as the total volume and total value traded plunged by 22.23 per cent and 23.59 per cent, data from the Nigerian Exchange shows.
Citing data from the local bourse, stockbrokers said about 261.56 million units valued at ₦4.48 billion were transacted in 4,672 deals.
CUTIX led as the most traded stock in terms of volume, accounting for 12.16 per cent of the total volume of trades.
The company’s stock was followed closely by ACCESS (5.87%), FCMB (5.78%), FIDELITYBK (5.71%) and ZENITH BANK (5.47%) to complete the top five on the volume chart.
Meanwhile, MTNN emerged as the most traded stock in value terms, with 40.76 per cent of the total value of trades on the exchange. RTBRISCOE topped the advancers’ chart with a price appreciation of 9.84 per cent.
The stock was trailed by UACN (9.84%), PRECO (8.74%), HONYFLOUR (2.50%), OKOMUOIL (2.19%), DANGSUGAR (1.27%), MTNN (0.98%), ZENITHBANK (0.75%), ACCESS (0.50%), ARDOVA (0.43%) and twelve (12) others.
On the flip side, twenty (20) stocks depreciated, led by ROYALEX with a price depreciation of 9.46 per cent to close at ₦1.34.
TRANSCORP (-5.22%), UCAP (-2.40%), STANBIC (-1.43%), FLOURMILL (-1.13%), NB (-0.96%) and GTCO (-0.57%) see their prices dipped. READ: Bond Rate Slides as Investors Go For Long-Dated Instruments
The market breadth closed positive, recording 21 gainers and 20 losers. Accordingly, sectoral performance was bullish as four of the five major sectors closed positively compared to the previous session.
The NGX index was led by Oil & Gas (1.21%), Insurance (0.88%), Banking (0.37%) and Industrial Goods (0.005%), except for the Consumer Goods that plummeted by 0.56%. #NGX Gains N41 bln as Investors Hunt Value Stocks
