NGX Gains N144bn as FBNH Sees Large Trade Volume
Starting the week with bullish sentiment, equities market capitalisation of the Nigerian Exchange (NGX) ballooned Monday as banking, and industries stocks rallied. The year-to-date was pushed higher to 27.4% as investors gained N144.23 billion.
Using the ratio of gainers to decliners, market sentiment was mixed as 33 tickers lost relative to 32 gainers. IKEJAHOTEL was down by a maximum allowable daily loss of 10%. MULTIVERSE dropped by 10.0%, recording the most significant losses of the day.
There was bargaining hunting in some banking stocks. STANBIC surged by 9.97%, FBNH inched up 9.82%. Leading gainers’ chart, FTNCOCOA, and GLAXOSMITH scored the maximum allowable daily gain of 10% each.
Stock market analysts believe that the first half of 2023 earnings releases by companies supporting the uptrend that ushered the local exchange to boom. Market data showed that the Nigerian Exchange All-share index gained 41 basis points, closing at 65,268.28 points, compared to its Friday closing value of 65,003.39 points.
Drivers of the uptrend reported in the market include NASCON (+10%), FIDELITYBK (6.14%), OKOMUOIL (5.87%), TRANSCOHOT (3.83%), DANGSUGAR (2.59%), ETI (2.17%), WAPCO (0.52%), and others.
The total volume traded increased by 7.9% to 831.50 million units, valued at N12.94 billion, and exchanged in 9,768 deals. FBNH was the most traded stock, according to trading records.
Data from the Nigerian Exchange showed that investors staked net on 40,316,370 FBNH shares. Meanwhile, sectoral performance was mixed, as the Insurance (+0.2%) index advanced, while the Banking (-0.8%) index declined. On the other hand, the Industrial Goods, Consumer Goods, and Oil and Gas indices closed flat.
Overall, equities market capitalization rose by N144.23 billion on Monday to N35. 539 trillion. #NGX Gains N144bn as FBNH Sees Large Trade Volume Futureview Analysts Place Banking Stocks on Sell Radar
