Banking Index Drives N105bn Gain on Nigerian Exchange
The equities market capitalization of the Nigerian Exchange (NGX) swelled as investors gained about N105 billion amidst the policy rate hike. Buying momentum shifted key performance indicators upward by 0.18%. The market index, or All-Share Index, rose by 181.99 basis points to close at 98,568.59 points.
Stockbrokers said the market uptrend was driven by investors’ increased buying appetite in some major market sectors, led by the banking sector. However, market activities were mixed, as the total volume traded for the day dropped by 5.85%, while the total value traded rose by 42.05%.
Approximately 763.00 million units valued at ₦11,780.55 million were transacted across 12,081 deals, Atlass Portfolios Limited said in a note. FIDELITYBK was the most traded stock in terms of volume, accounting for 16.53% of the total volume traded in the local bourse.
Other volume drivers include TRANSCORP (13.55%), UBA (9.64%), CAVERTON (5.72%), and ELLAHLAKES (5.52%) to complete the top 5 on the volume chart. Stockbrokers also noted that FIDELITYBK emerged as the most traded stock in value terms, with 17.05% of the total value of trades on the exchange.
NIDF topped the advancers’ chart for today with a price appreciation of 9.94 percent. Other gainers include FBNH (+9.93%), ELLAHLAKES (+9.76%), FIDELITYBK (+9.70%), ABCTRANS (+9.52%), WEMABANK (+9.40%) and twenty-nine others.
Twenty-two stocks depreciated, according to trading records. OANDO was the top loser, with a price depreciation of -10.00%. Other decliners include OKOMUOIL (-9.98%), CAVERTON (-9.88%), FIDSON (-9.74%), FTNCOCOA (-9.70%), and DANGSUGAR (-3.38%). Given the trading direction, the market breadth closed positive, recording 35 gainers and 22 losers.
Momentum in banking tickers, drove the Banking Index up by 3.01%, led by strong performances in FBNH (+9.93%) and FIDELITYBK (+9.70%). The insurance sector (+2.16%) and industrial goods sector (+0.04%) also shared in the bullish sentiment, driven by buying interests in MANSARD (+9.26%) and WAPCO (+0.69%), respectively.
Conversely, the Consumer Goods (-0.28%) and Oil and Gas (-0.11%) sectors faced pressure from selloffs in DANGSUGAR (-3.38%) and profit-taking in OANDO (-10.00%). Overall, the equities market capitalization of the Nigerian Exchange gained ₦104.58 billion to close at ₦56.64 trillion. Banking Index Drives N105bn Gain on Nigerian Exchange Oil Prices Rise as Fresh Hurricane Triggers Supply Risks
