Equities Investors Gain N65bn as Financial Stocks Rally

Equities Investors Gain N65bn as Financial Stocks Rally

Equities investors trading highs and lows in the Nigerian Exchange, NGX, saw more than N65 billion in gain as financial stocks rallied. Both insurance and banking names saw positive price appreciation with support from the consumer goods and industrial indices.

The Nigerian equities market sustained its bullish momentum for the fourth consecutive trading session, driven by gains in ETI (2.96%), INTBREW (1.89%), UCAP (1.55%), STERLINGNG (1.18%), TRANSCORP (1.13%), FIDELITYBK (1.02%), UBA (0.66%), ZENITHBANK (0.60%), OANDO (0.43%), and WAPCO (0.35%), among others.

As a result, the All Share Index (ASI) edged up by 0.1% to 105,430.15 points, bringing the month-to-date (MTD) and year-to-date (YTD) returns to +0.9% and +2.4%, respectively. Stockbrokers spotted buying interest across major market sectors, with the insurance index leading the rally.

However, the market activities were down as the total volume and total value traded in the local bourse reduced by 48.59% and 19.06% respectively. In its note, Atlass Portfolios Limited told investors that approximately 537.19 million units valued at ₦23,025.26 million were transacted across 15,450 deals.

In terms of volume, ACCESSCORP led the activity chart, accounting for 11.49% of the total volume of traded on NGX, followed by STERLINGNG (9.36%), ZENITHBANK (7.56%), FBNH (7.23%), and UPDC (4.40%), rounding out the top five.

GEREGU emerged as the most traded stock in value terms, accounting for 36.00% of the total value of trades on the exchange.

ETERNA and CADBURY topped the advancers’ chart for today with a price appreciation of 9.88 percent each, trailed by FIDSON (+9.77%), UPDC (+9.77%), DEAPCAP (+9.38%), SOVRENINS (+9.09%), SKYAVN (+8.75%) and twenty-five others.

Data showed that twenty-three stocks depreciated. TRIPPLEG was the top loser, with a price depreciation of -9.72%. Other decliners include VERITASKAP (-7.81%), CAVERTON (-5.53%), LASACO (-3.23%), JAIZBANK (-2.86%), and DANGSUGAR (-1.35%).

Today, the market breadth closed positive, recording 32 gainers and 23 losers. Also, the market sectoral performance was positive, as all the five major market sectors inched higher.

The insurance sector grew by 0.63%, followed by the consumer goods sector, which rose by 0.18%; the oil & gas sector climbed by 0.13%; the banking sector surged by 0.09%; and the industrial sector advanced by 0.04%.

Overall, the equities market capitalisation of the Nigerian Exchange rose by ₦65.19 billion to close at ₦65.29 trillion. #Equities Investors Gain N65bn as Financial Stocks Rally Yield Declines as Investors Bullish on Nigerian Bonds