Equities Investors Gain N170bn as Zenith, MTNN Rally
The Nigerian Exchange (NGX) jumped by more than N170 billion on Monday as investors began to take interest in Zenith Bank, MTN Nigeria Plc, among other stocks ahead of earnings release.
The market performance was boosted as the Nigerian equity market resumed trading activities on a positive note.
Stockbrokers saw key performance indicators increasing by +0.30% on expectation that the earnings season will come with some goodies from top companies with healthy fundamentals.
Data from the Nigerian Exchange showed that the All-Share Index rose by 300.36 basis points to close at 99,971.64 – after falling below 100,000 psychological mark.
The local bourse picked up with buying interest seen in some recently depreciated medium and large-scale stocks such as ZENITHBANK, MTNN, UCAP, and others.
However, market activities were mixed, according to Atlass Portfolio Limited. Stockbrokers reported that total volume traded for the day reduced by -13.89%, while the Total Value traded was up by +8.02%.
The investment firm also said approximately 362.43 million units valued at ₦7,367.55 million were transacted across 8,405 deals.
GTCO was the most traded stock in terms of volume, accounting for 18.47% of the total volume of trades, followed by ACCESSCORP (12.28%), FCMB (7.38%), JAPAULGOLD (5.92%), and UACN (5.61%) to complete the top 5 on the volume chart.
On the back of size advantage, GTCO also emerged as the most traded stock in value terms, with 41.60% of the total value of trades on the exchange.
CUTIX topped the advancers’ chart with a price appreciation of 9.96 percent, trailed by IKEJAHOTEL which gained +9.45%.
Zenith Bank market value inched higher by 5.26% to close at N39 from N37.05. MTN Nigeria saw its price climbing by 1.5% to N203 from N200 ahead of its earnings release.
Other gainers are ROYALEX (+8.96%), SUNUASSUR (+8.40%), REDSTAREX (+8.15%), CHAMPION (+7.84%), and twenty-three others. Fifteen stocks depreciated, according to data from the exchange.
CHELLARAM was the top loser, with a price depreciation of -9.76%. Other losers are: JAIZBANK (-5.78%), ELLAHLAKES (-5.36%), INTBREW (-4.20%), HONYFLOUR (-4.07%), and CUSTODIAN (-2.56%).
Based on the trading pattern, the market breadth closed positive, recording 29 gainers and 15 losers. Despite the buying momentum, the market sector performance ended the day on a negative note.
Three out of the five major market sectors ended in red, led by the Consumer goods sector which dipped by -0.05%, followed by the Oil & Gas sector which shed-0.04%, and the Industrial sector nosedived by -0.02%.
The Banking and Insurance sectors grew by +1.32% and +0.08% respectively, according to stockbrokers notes. Overall, equities market capitalisation of the domestic bourse gained ₦170.14 billion to close at ₦56.61 trillion Market Seeks Clues on US Fed Sept. Rate Cut
