NGX Sees Large Gain over Sustained Buying Interest
The Nigerian Exchange (NGX) see a large gain on transitions conducted on the local bourse midweek on improved buying interest ahead of the first-quarter earnings season.
Sustaining the upbeat for fourth trading sessions consecutively, stock market performance indicators leapt by 0.34 percent, according to data from the Nigerian Exchange.
Atlass Portfolios said in a market report that today’s gain follows the sustained bargain-hunting in 31 stocks.
Consequently, the Nigerian All-Share Index rose by 162.28 basis points representing a 0.34 percent growth, closed at 47,367.31 points, traders said. Keeping the momentum, the equity market gained ₦87.49 billion to close at ₦25.54 trillion.
Similarly, the market activities were bullish, as the total volume and value rose by 59.68 percent and 117.27 percent, respectively.
Atlass Portfolios said approximately 391.89 million units valued at ₦9.95 billion were transacted in 5,419 deals, citing stock market data. GTCO remained the most traded stock in terms of volume, accounting for 16.81 percent of the total volume of trades.
The financial service supermarket was followed closely by ZENITH BANK (11.21%), UBA (7.36%), FIDELITYBK (7.27%), and MTNN (5.81%) to complete the top five on the volume chart.
MTNN emerged as the most traded stock in value terms, with 48.51 percent of the total value of trades on the exchange, trading data shows.
MEYER topped the advancers’ chart with a price appreciation of 9.56 percent.
The company was trailed by UBN (6.56%), OKOMUOIL (5.63%), UACN (3.60%), GTOC (3.17%), ETI (2.58%), UBA (2.50%), FLOURMILL (1.64%), NB (0.92%), MTNN (0.90%), HONYFLOUR (0.56%), OANDO (0.21%) and nineteen (19) others.
Conversely, sixteen (16) stocks depreciated, led by SUNUASSUR with a price decline of 7.69 percent to close at ₦0.36.
UCAP share price fell 3.97%, REDSTAREX dropped off 3.17%, PZ dipped 3.00%, TRANSCORP depreciated by 2.91% and WEMABANK lost 1.25%.
ZENITH BANK was priced down by 1.18%, ACCESSCORP declined 0.48% and PRESCO pullback 0.08% of its valuation
Today, the market breadth was positive, recording 31 gainers and 16 losers while the sectoral performance was bullish.
NGX index data shows that four of the five major sectors closed positively compared to the previous session, led by Banking (0.56%), Consumer Goods (0.03%), Oil & Gas (0.03%), and Industrial Goods (0.004%).
READ: Fixed Income Market Sees Yields Decline as Liquidity Pressures Ease
The Insurance sector plummeted by 0.18 percent. #NGX Sees Large Gain over Sustained Buying Interest
