NGX Maintains Upbeat as Geregu, Nestlé Rally
The Nigerian Exchange (NGX) performance has continued to keep investors in a happy mood, a development that started in November 2022 despite a 100 basis interest rate hike by the monetary authority.
Against some analysts’ expectations, the local bourse has continued to gain popularity due to the attractiveness of some mid and large cap stocks which became cheaper in the past bearish trade in the market.
Today, HONEYFLOUR, MAYBAKER, NB, GEREGU, and NESTLE were the toast of investors as their respective share prices rose by 6.14%, 5.26%, 4.62%, 2.78%, and 1.67%, respectively, stockbrokers at Cowry Asset hint.
Consequently, the Nigerian Exchange All-share index increased by +0.12%, pushing year-to-date return upward to +13.37% at the close of the trading session on Wednesday.
According to trading data, the All-share indicator rose 59.80 basis points to close at 48,426.49 points while market capitalization gained ₦32.58 billion to close at ₦26,376.61 trillion from ₦26,344.03 the previous day.
Despite the buying interest, stock market activities declined, according to trading results for the day. Total volume and total value traded were down by 20.82%, and 6.02% respectively.
Approximately 146.21 million units valued at ₦3,356.68 million were transacted in 2,810 deals, according to separate Broadstreet stockbrokers’ notes. READ: Return Spikes as Stock Market Gains More
Transaction on FBNH has been heavy in the past few days, and data on trading activities on the financial service holding company did not come as a surprise. Today, FBNH was the most traded stock in terms of volume. Transaction on the bank’s share accounts for 40.56% of the total volume of trades.
It was followed by GEREGU (9.77%), ZENITH BANK (8.56%), STERLNBANK (4.81%), and UBA (4.73%) to complete the top 5 on the volume chart, according to Atlass Portfolios Limited. However, GEREGU was the most traded stock in value terms. The trade on the Power Company’s share is worth 45.72% of the total value of trades on the exchange.
THOMASWY topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by JAPAUGOLD (7.41%), HONYFLOUR (6.14%), MAYBAKER (5.26%), NB (4.62%), and seven (7) others.
On the loser’s chart were seventeen stocks, led by SCOA with a price depreciation of -9.38% to close at ₦0.87. The company was trailed by UNITYBNK which lost 7.02% while CORNERST was priced down by 6.25%.
Also, COURTVILLE fell by 6.00%, FLOURMILL dipped by 1.78%, and OANDO share dropped by 0.51%. Even with the upbeat, the market breadth closed negative, recording 12 gainers and 17 losers.
Also, market sector performance closed negative, with three out of the five major market sectors down, led by the Insurance sector (-0.55%), followed by the Banking sector (-0.17%), and the Oil & Gas sector (-0.08).
The Consumer goods sector rose by +0.90%, while the Industrial sector closed unchanged. # NGX Maintains Upbeat as Geregu, Nestlé Rally
