NGX Rises Steeply as Investors Position in Value Stocks
Sustaining the bullish trend, the Nigerian Exchange (NGX) spiked on Tuesday as Investors pump more money into value stocks, lifting market capitalisation by about N182 billion.
The local bourse sees a meteoric jump following investors’ bullish sentiment on bellwether stocks. Yesterday, the equity capitalisation inched up more than N127 billion.
In the last two weeks, the market had shed some N345 billion amidst selling rallies which appeared mostly offensive. Stockbrokers told MarketForces Africa that some investors are already positioning ahead of the first quarter of 2022.
Consequently, the Nigerian Exchange All-Share Index rose by 337.08 basis points representing a 0.72 per cent growth, closed at 47,205.03. Overall, equity market capitalisation appreciated by ₦181.72 billion, representing an upsurge of 0.72 per cent to close at ₦25.45 trillion.
Similarly, the market activities were bullish, as the total volume and value rose by 9.25 per cent and 19.80 per cent, respectively.
Citing data from the market, Atlass Portfolios Limited said about 245.42 million units valued at ₦4.58 billion were transacted in 5,832 deals. GTCO appeared as the most traded stock in terms of volume, accounting for 15.93 per cent of the total volume of trades, stock traders said.
The holding company was followed closely by ZENITH BANK (11.09%), NB (6.32%), FIDELITYBK (4.48%), and LINKASSURE (4.41%) to complete the top five on the volume chart.
Today, SEPLAT Energy emerged as the most traded stock in value terms, with 21.50 per cent of the total value of trades on the exchange. CAP topped the advancers’ chart with a price appreciation of 10.00 per cent.
The company was trailed by NB (7.84%), DANGSUGAR (7.74%), ZENITHBANK (5.83%), ACCESSCORP (4.00%), GTCO (3.05%), SEPALT (2.60%), OANDO (1.47%), MTNN (1.25%), WAPCO (1.10%), UCAP (0.73%), UBA (0.63%) and twenty (21) others.
On the flip side, seventeen (17) stocks depreciated, led by ACADEMY with a price decline of 10.00 per cent to close at ₦1.44. FBNH share price tumbled big, shed 11.35% followed by JAPAULGOLD with 3.13% price down while UBN lost 1.61% and WEMABANK dipped by 0.31%.
Data from NGX shows that the market breadth ended positive, recording 30 gainers and 17 losers while sectoral performance was bullish. READ: Yield on T-Bills Rises as Bond Market Trades with Bullish Bias
Data shows that four of the five major sectors closed positively compared to the previous session, led by Banking (2.77%), Consumer Goods (1.94%), Oil & Gas (1.71%), and Industrial Goods (0.10%). While the Oil & Gas sector shed 1.35 per cent. #NGX Rises Steeply as Investors Position in Value Stocks
