Nigerian Exchange Gains N297bn as Banking Index Drives Momentum
The banking index drove a N297 billion gain on the Nigerian Exchange (NGX) amid a sharp reduction in the benchmark interest rate by the monetary authority.
The stock market closed trading activities for today on a positive note, as key market performance indicators advanced by 0.18%.
Stockbrokers reported buying interest in CADBURY, GTCO, ZENITHBANK, HBMNG, among others, across key market sectors. Consequently, the market index or All-Share Index, inched higher by 457.86 basis points to close at 250,614.66.
Also, market capitalisation rose by ₦297.21 billion, closing at ₦162.68 trillion. Today, market activity was up, with total trade volume and total transaction value increasing by 45.82% and 27.60%, respectively.
Stockbrokers said approximately 837.26 million units, valued at ₦48,568.79 million, were transacted in 52,126 deals.
FIDELITYBK topped the volume chart, accounting for 19.87% of all shares traded, followed by ZENITHBANK (12.69%), CHAMS (8.63%), ACCESSCORP (7.50%), and STERLINGNG with 6.67%.
ZENITHBANK accounted for 28.35% of the total transaction value executed on the local bourse, making it the most traded stock on the exchange.
SOVRENINS led the gainers chart, up by +9.95%, trailed by CMFC (+9.82%), NEIMETH (+8.90%), CADBURY (+8.29%), FTGINSURE (+7.73%), STANBIC (+7.09%), and thirty others.
A total of twenty-five stocks depreciated. With a price depreciation of -9.86%, MULTIVERSE topped the worst performers’ chart, followed by HMCALL (-9.39%), CHAMPION (-8.68%), MBENEFIT (-8.38%), MANSARD (-6.67%), and REGALINS (-6.67%).
Hence, the market breadth closed on a positive note, with 36 gainers and 25 losers. Sectoral performance was positive today, with four of the five major market sectors rising.
The Banking sector led by +2.50%, followed by the Industrial goods sector (+1.20%), the Consumer goods sector (+0.07%), and the Oil & Gas sector (+0.03%). Only the Insurance sector declined by -1.94%. Investors Trade 3.25bn Shares Valued at N238bn in Nigerian Market
