Equities Investors See N100bn Gain as Zenith Bank, First Holdco Rally

Equities Investors See N100bn Gain as Zenith Bank, First Holdco Rally

Equities investors increased by more than N100 billion as demand for banking stocks redirected market direction on Tuesday.  The local bourse defied the prevailing global downturn to close today’s trading on a positive note. Hence, the market index climbed sharply, reversing the previous day’s loss.

Data from the Nigerian Exchange showed that key performance indicators advanced by 0.15%, pushing year-to-date return higher on the day. Positive trading activities in the stock market were primarily driven by renewed buying interest in recently undervalued medium and large-cap stocks, particularly within the banking sector.

Top market movers in today’s trading session include FIRSTHOLDCO, ZENITHBANK, and other risers; collectively, they contributed to an increase of more than N100 billion in investors’ wealth.

The NGX All-Share Index increased by 159.87 basis points to close at 104,376.74.  Trading details revealed that equities market activities were mixed, as the total volume of all transactions increased by 3.71%.

Meanwhile, the total value traded reduced by 9.35%. In its note, Atlass Portfolios Limited told investors that approximately 460.57 million units valued at ₦10,105.47 million were transacted across 14,528 deals.

In terms of volume, ACCESSCORP led the activity chart, accounting for 12.30% of the total volume of stocks traded in the market, followed by GTCO (11.23%), FIDELITYBK (5.24%), FCMB (5.08%), and UCAP (5.07%), rounding out the top five.

GTCO emerged as the most traded stock in value terms, accounting for 34.03% of the total value of transactions consummated on the exchange. NSLTECH topped the advancers’ chart with a price appreciation of 8.89 percent, trailed by ABBEYBDS with (+8.35%) growth, STERLINGNG (+6.85%), VFDGROUP (+5.26%), MBENEFIT (+4.55%), FIRSTHOLDCO (+3.70%), and ten others.

In today’s session, forty stocks depreciated, according to data from the local bourse. NAHCO was the top loser, with a price depreciation of -9.94%. Other decliners include ROYALEX (-9.78%), JAPAULGOLD (-9.55%), NEIMETH (-7.98%), AFRIPRUD (-7.69%), and FTNCOCOA (-6.47%).

At the end of the trading session, the market breadth closed largely negative, recording 16 gainers and 40 losers. Also, the market sectoral performance was negative, as three of the five major market sectors went downward.

The insurance sector declined by 4.07%, followed by the consumer goods sector, which dipped by 0.16%, while the industrial sector fell by 0.11%. The banking and oil & gas sectors recorded a growth of 1.89% and 0.04%, respectively.

Overall, the equities market capitalisation of the Nigerian Exchange rose by N100.45 billion to close at N65.59 trillion. #Equities Investors See N100bn Gain as Zenith Bank, First Holdco Rally  Sell Action: Caverton Falls by 27.4% as Positive Price Momentum Fades