NGX Rallies as Banking Stocks Attract Attention
Nigerian Exchange (NGX) rebounds Thursday as banking stocks attract attention amidst earning releases for the fourth quarter of 2022. Today, the stock market appreciated by N84 billion following investors’ specific interest in Tier-one banking stocks, which pushed year-to-date returns near 3%.
Trading data from the local bourse shows that the Nigerian Exchange All-Share Index inched upward by 153.31 basis points, representing an increase of 0.29% to close at 52,752.96 points.
The upturn was impacted by gains from trading activities in Zenith Bank shares, Stanbic and Access Holdings. Then, the year-to-date return rose to 2.93 per cent.
However, market activities were mixed, as the total volume traded for the day was up by +19.95%, while the total value traded dropped by -24.32%. Approximately 139.68 million units valued at ₦2,021.62 million were transacted in 3,549 deals.
GTCO was the most traded stock in terms of volume, accounting for 12.77% of the total volume of trades, followed by ACCESSCORP (11.04%), FIDELITYBK (8.54%), MBENEFIT (4.92%), and DANGSUGAR (4.80%) to complete the top 5 on the volume chart.
Data shows that GTCO was also the most traded stock in value terms, with 21.43% of the total value of trades on the exchange. With the mixed trading results, NGX chart indicates that market breadth closed positive at 22 stocks as against five that declined.
A breakdown of price movement showed that Geregu Power topped the gainers’ table with a gain of 10 per cent to close at N147.40 per share.
Wapic Insurance trailed with a gain of 9.76 per cent to close at 45k, while Chellarams rose by 9.7 per cent to close at N1.81, per share.
International Energy Insurance was up by 9.43 per cent to close at 58k, while Tripple G gained 9.09 per cent to close at 96k per share. Conversely, RT Briscoe led the losers’ table, dropping by 9.09 per cent to close at 30k, per share.
Royal Exchange followed with a loss of 8.24 per cent to close at 78k, while Courteville Business Solutions declined by 7.84 per cent to close at 47k, per share. Linkage Assurance decreased by four per cent to close at 48k, while Transcorp fell by 0.82 per cent to close at N1.21 per share.
Analysis of Thursday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 4.77 per cent. A total of 486.67 million shares valued at N3.83 billion were exchanged in 3,875 deals
Sectoral performance was positive, according to stockbrokers as four out of the five major market sectors appreciated. The Banking and Oil & Gas indices led the pack, growing by 1.58% each. The Insurance index rose 1.01% and the Consumer goods sector surged by 0.05%. The Industrial sector declined marginally by -0.01%.
Overall, equities market capitalisation gained ₦83.51 billion, representing a growth of +0.29% to close at ₦28,733.12 trillion from ₦28,649.61 trillion the previous day. # NGX Rallies as Banking Stocks Attract Attention
>>>Naira Depreciates to N462 at Investors, Exporters FX Window
