Equities Investors Gain N1.8trn as Banking, Industrial Stocks Rally

Equities Investors Gain N1.8trn as Banking, Industrial Stocks Rally

Equities investors gained about N1.8 trillion on the Nigerian Exchange (NGX) as banking and industrial stocks drove momentum.  The market opened strong as key market performance indicators increased by 1.12%.

The positive performance was driven by buying interest in BUACEMENT, FCMB, GUINNESS, ACCESSCORP, among others, across major market sectors.

The Banking sector and the Industrial Goods sector contributed the most to the performance, gaining 3.14% and 2.82% respectively, stockbrokers said.

The NGX All-Share Index added 2,721.83 basis points to close at 246,183.96. Also, market capitalisation surged by ₦1,755.84 billion to close at ₦158.81 trillion.

Trading activities in the local bourse were up today as the total volume and the total value of all trades executed increased by +24.17% and +16.19%, respectively.

In its note, investment firm Atlass Portfolio Limited told investors that approximately 851.63 million units valued at ₦49,594.76 million were transacted across 56,873 deals.

FIRSTHOLDCO topped the volume chart, accounting for 24.02% of the total volume traded in the market, followed by ACCESSCORP (22.46%), UBA (3.44%), ZENITHBANK (2.91%), and STERLINGNG with 2.78%.

Also, FIRSTHOLDCO drove the value chart, accounting for 43.45% of the total transaction value consummated in the market, thereby making it the highest traded on the exchange.

CUSTODIAN and NEM led the gainers chart, up by +10.00% each, trailed by BUACEMENT (+9.98%), FIRSTHOLDCO (+9.95%), FTNCOCOA (+9.94%), THOMASWY (+9.71%), FCMB (+9.26%), and twenty-four others.

A total of thirty-one stocks depreciated. With a price depreciation of -10.00%, SUNUASSUR topped the worst performers’ chart, followed by TRIPPLEG (-9.77%), ABCTRANS (-9.62%), ABBEYBANK (-9.00%), WAPIC (-7.69%), and CAVERTON (-7.00%).

Hence, market breadth closed flat, with 31 gainers and 31 losers. Today, sectoral performance was positive as four of the five major market sectors increased.

The Banking sector led by +3.14%, followed by the Industrial goods sector (+2.82%), the Insurance sector (+0.25%), and the Oil & Gas sector (+0.08%). Only the Consumer goods sector declined marginally (-0.001%). VAT Income Boosts Nigeria’s Non-Oil Economy, Analysts Positive on Outlook