Block Trades in First Holdco, Geregu Stock Drive NGX Volume
Trading activities in the Nigerian Exchange (NGX) were bolstered by block transactions in First Holdco and Geregu Power amidst year-end portfolio rebalancing.
Investors are rotating positions as the market anticipates the release of the fourth-quarter earnings release to commence soon. Trading value declined by about 85%, according to stockbrokers, though equities market capitalisation climbed on the day.
The Nigerian stock market closed the day on a positive note as the All-Share Index rose by 35 bps, pushing the year-to-date return to +46.09% amid gains in NESTLE, GUINNESS and 32 others.
Stockbrokers reported that market sentiment remained mixed as NESTLE topped the gainers’ chart with a 10% gain, while STANBIC led the losers after shedding 9.33%.
Trading activity was dominated by FIRSTHOLDCO, which emerged as the most active stock by both volume and value, with 385.62 million shares exchanged worth N15.54 billion.
Market breadth closed positive, as 34 stocks advanced against 26 decliners. Sectoral performance was largely upbeat, with the Banking Index gaining 56 bps on the back of price appreciation in UBA, ETI, WEMABANK, ACCESSCORP, and FCMB, although losses in GTCO and STANBIC capped gains.
The Consumer Index advanced by 123 bps, driven by strong rallies in NESTLE, GUINNESS, CHAMPION, VITAFOAM, INTBREW, and MCNICHOLS, despite pullbacks in PZ and HONYFLOUR.
The Oil and Gas Index edged up by 5bps following gains in OANDO, while the Industrial Index closed flat amid losses in AUSTINLAZ.
Value traded declined sharply by 84.85% to $22.42 million, AIICO Capital Limited reported, with activity largely driven by cross deals, particularly in FIRSTHOLDCO and GEREGU, which together accounted for nearly 80% of total traded value. FCMB Obtains Shareholders’ Approval to Raise Additional N400bn
