Barging Hunting in Value Stocks Boosts Nigerian Bourse
Buying interest in some value stocks lifted the Nigerian Exchange (NGX) upward by about N13 billion after a two day losing streak that started at the beginning of the week.
On Wednesday, bull in the Nigerian stock market regained strength as investors’ wealth advanced, halting the two consecutive days of losses.
Today’s rally was driven by price appreciation in bellwether stocks, such as NGXGROUP, FLOURMILL, MTNN and 15 others.
Consequently, the Nigerian Exchange All-Share Index rose by 23.60 basis points representing 0.05 per cent appreciation, to close at 47,364.46 points.
Overall, the equity market capitalisation gained ₦12.72 billion to close at ₦25.53 trillion.
Today’s trading record shows that the market activities were mixed, as the total volume plunged by 20.86 per cent while the total value traded climbed by 2.43 per cent.
In a market note, Atlass Portfolios Limited said approximately 145.03 million units valued at ₦2.54 billion were transacted in 4,113 deals. UBA led as the most traded stock in terms of volume, accounting for 10.12 per cent of the total volume of trades.
The Pan African lender stock was followed closely by ACCESS (7.05%), ZENITH BANK (6.88%), GTCO (6.25%) and ETI (6.23%) to complete the top five on the volume chart.
However, MTNN emerged as the most traded stock in value terms, with 18.10 per cent of the total value of trades on the exchange. NPFMRFBK topped the advancers’ chart with a price maximum appreciation of 10.00 per cent.
The Police bank was followed by NGXGROUP (4.02%), OKOMUOIL (1.79%), FBNH (1.29%), ETI (1.27%), STANBIC (0.87%) FLOURMILL (0.79%), UBA (0.59%), MTNN (0.24%) and six (6) others.
Seventeen (17) stocks remain depreciated, led by ROYALEX with price depreciation of 9.73 per cent each to close at ₦1.02. READ: Interbank Rates Ease as Bond Coupon Payment Boosts Liquidity
Market data shows that LIVESTOCK dipped by 9.71%, TRANSCORP fell 1.77%, ZENITH BANK lost 1.49% CUSTODIAN shed 1.39%, UCAP declined 1.19%, ACCESS shrank 0.95%.
Also, the share price of NAHCO was down 0.50% and GTCO tumbled 0.19%. The market breadth closed marginally positive, recording 18 gainers and 17 losers.
Stockbrokers said the sectoral performance was positive, as two of the five major sectors closed bullishly compared to the previous session.
Insurance inched upward by 1.24% and Consumer Goods gained 0.19%. Meanwhile, the Banking sector shed 0.59%, leaving Industrial Goods and Oil & Gas sectors unchanged. #Barging Hunting in Value Stocks Boosts Nigerian Bourse