Banking, Industrial Stocks Drive Nigerian Bourse Upbeat

Banking, Industrial Stocks Drive Nigerian Bourse Upbeat

Investors’ buying interest in banking, as well as industrial stock, drove the equities segment of the Nigerian Exchange, NGX, upward on Wednesday after two days of bear rampage in the local bourse.

Consequently, the Nigerian stock market’s key performance indicators improved while year-to-date return advanced amidst uncertainties in the investment space.

Trading data show that the Nigerian Exchange All-share index jumped by 242.19 basis points to close at 44,050.44 points, a distant level against the 45,000 points psychological level it had earlier breached. 

Equities market capitalisation surged N130 billion or 0.55 per cent to close at N23.991 trillion, compared with N23.861 trillion level seen yesterday. Major drivers of the bullish sentiment in the market were Guaranty Trust Holding Company (GTCO), MTN Nigeria, BUA Foods, Ecobank Transnational Incorporated (ETI) and Zenith Bank.

Consequently, the year-to-date return rose to 3.12 per cent. Accordingly, the market breadth closed flattish with 19 gainers and 19 laggards. Cornerstone Insurance led the gainers’ chart in percentage terms by 10 per cent to close at 14k per share.

MRS followed with a gain of 9.73 per cent to close at N14.10, while Zenith Bank appreciated by 8.46 per cent to close at N21.80 per share. READ: Debt Market Trades Upbeat amid Renew Interest in Long-dated Bond

GTCO rose by 6.63 per cent to close at 19.30k, and WAPCO Plc appreciated by 5.97 per cent to close at N21.30 per share. Conversely, Eternal Oil led the losers’ chart in percentage terms by 10 per cent to close at N5. 67 per share.

Guinness Nigeria followed with 9.98 per cent to close at N67.20, while Scoa shed 9.49per cent to close at N1. 43 per share. Sunu Assurance lost 9.38 per cent to close at 29k, while Courteville Business Solutions dropped by eight per cent to close at 46k per share.

In all, the total volume of shares traded increased by 141.12 per cent. A total of 159.44 million shares valued at N2.86 billion were exchanged in 3,039 deals. This is in contrast to 103.47 million shares valued at N1.19 billion exchanged in 3,045 deals on Tuesday

Market activities were also up, as the total volume and total value traded for the day surged by +54.09% and +141.12% respectively.

The market sector performance was positive, as three out of the five major market sectors were up, led by the Banking sector (+4.21%), followed by the Insurance sector (+0.78%), and the Industrial sector (+0.36%).

The Oil & Gas and Consumer goods sectors were down by -0.35% and -0.24% respectively. #Banking, Industrial Stocks Drive Nigerian Bourse Upbeat

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