Banking, Consumer Stocks Lift Nigerian Exchange Up by N185bn
Equities investors in the Nigerian Exchange (NGX) recorded about N185 billion on Tuesday amidst sustained price appreciation seen in the banking, and consumer goods sectors. Key performance indicators advanced further as some companies released half-year financial statements.
In today’s trading session, the NGX All Share Index registered a 0.51% increase, reaching a close at 66,490.34 points.
This upward movement was fueled by heightened buy-side interest seen in significant stocks like FLOURMILL 10.00%, NASCON 9.96%, DANGSUGAR 9.95%, TRANSCORP 9.87%, NB 5.12%, WAPCO 4.01%, ACCESSCORP 3.44%, ZENITHBANK 2.29%, GTCO 1.81%, FBNH 1.51%, and other listed equities.
As a result of the activities of value hunters in the local bourse, the year-to-date return surged to 29.73% from 29% on Monday, while monthly returns indicated an increase of 3.35%. Data from the local bourse showed that total trade value experienced a notable uptick of 79.28%, totalling N 7.01 billion.
Likewise, the trade volume exhibited an increase of 40.45%, with a total of 436.95 million units traded through 7,932 transactions. FLOURMILL, CHAMPION, and NASCON attained notable gains of 10.00%, 10.00%, and 9.96% respectively.
On the other hand, CWG, LINKASSURE, and CHELLARAM encountered declines of -10.00%, -10.00%, and -9.85% respectively. Stockbrokers reported that activity level improved as volume and value traded rose 40.5% and 79.1% to 437.0 million units and ₦7.0 billion respectively.
Afrinvest said in its market update that performance across sectors within its purview was mixed with a positive tilt as 3 indices gained, 2 lost while the AFR-ICT index closed flat.
Investor sentiment, as measured by market breadth, weakened to 0.04x from 0.16x in the prior session as 34 stocks advanced, 32 declined, and 50 closed flat.
The Banking index gained the most, up 1.6% due to buying interest in STERLING (+2.7%) and ZENITH (+2.3%). Following suit, the Consumer and Industrial Goods indices rose 1.0% and 0.2% respectively due to gains in DANGSUGAR (+10.0%), NASCON (+10.0%), and WAPCO (+4.01%).
Conversely, the price decline in LINKASSURE (-10.0%), CORNEST (-2.1%) and ETERNA (-2.5%) weighed on the Insurance and Oil & Gas indices, down 1.5% and 0.1% respectively. Overall, market capitalisation increased by ₦184.6 billion to ₦36.4 trillion. Banking, Consumer Stocks Lift Nigerian Exchange Up by N185bn