Dangote, Banks Stocks Drive Momentum in Nigerian Bourse
Dangote Cement and some top banking names drove momentum in the Nigerian Exchange (NGX), the local bourse, though the surge in portfolio value was well contained.
The Nigerian equity market closed trading activities for today on a positive note, as key market performance indicators appreciated by 0.06%.
Even as decliners outpaced advancers, the market saw bargain hunting in select medium- and large-cap stocks with strong fundamentals. Investors stepped up buying in WAPCO, DANGCEM, FIRSTHOLDCO, GTCO, ETI, among others, across key market sectors.
The Nigerian Exchange All-share index climbed by 135.97 basis points to close at 218,249.81. Also, market capitalisation increased by ₦87.53 billion to settle at ₦140.52 trillion.
The total volume of all trades and their total value declined by 12.18% and 7.34%, respectively, with the market recording more losers than gainers. Stockbrokers reported that approximately 842.48 million units valued at ₦44,862.36 million were transacted across 61,617 deals.
ACCESSCORP topped volume, accounting for 13.18% of units executed in the local bourse, followed by FCMB (6.86%), FIDELITYBK (5.33%), ZENITHBANK (5.25%), and UBA with 5.18%.
MTNN led the value chart, accounting for 14.63% of total trade value, making it the most traded on the exchange. NASCON led with a gain of +10.00%, followed by UNIONDICON (+9.92%), WAPCO (+9.64%), TRANSEXPR (+8.27%), UACN (+7.84%), AFRIPRUD (+7.69%), and nineteen others.
A total of thirty-four stocks depreciated. With a price depreciation of -9.92%, LEGENDINT topped the worst performers’ chart, followed by ABBEYBDS (-9.59%), STANBIC (-8.96%), ACCESSCORP (-8.83%), VERITASKAP (-7.50%), and REGALINS (-7.27%).
Hence, the market breadth closed on a negative note, with 25 gainers and 43 losers. The sectoral performance was negative today as three of the five major market sectors declined.
The Banking sector declined by -1.30%, followed by the Consumer goods sector (-0.37%), and the Oil & Gas sector (-0.09%). The Industrial goods and Insurance sectors increased by +1.64% and +0.19%, respectively.
