Equities Investors Gain N143bn as ‘Fat’ Stocks Rally
Equities investors gained about N142 billion on Monday in the local exchange as stocks rally. Data from the Nigerian Exchange showed that key performance indicators improved following fresh bargain hunting on fat or high value stocks.
Last week, the market closed negative, losing N290.1 billion due to spelldown spanning three out of five trading – driven in part by investors that shifted their interest into fixed income market.
Stockbrokers said the market performance indicators grew by +0.26% on Monday, lifting the year-to-date return upward amidst a surging inflation rate. There was buying interest in UBA, CONOIL, and FBNH.
Most banking stocks climbed during the intraday trading session, as reported by MarketForces Africa. At the end of closing session today, the All-Share Index increased by 252.14 basis points, representing a rise of +0.26% to close at 97,864.65.
Despite the bullish trend, market activities inched lower. Total volume and total value traded dropped by -52.28% and -60.97%, respectively. In its market update, Atlass Portfolios Limited told investors that approximately 366.98 million units valued at ₦5,939.98 million were transacted in 8,031 deals.
Ticker: ACCESSCORP was the most traded stock in terms of volume, accounting for 48.07% of the total volume of trades. Other volume drivers are FBNH (12.58%), UBA (5.77%), FIDELITYBK (4.84%), and FTNCOCOA (2.95%).
Based on its size advantage, ACCESSCORP was also the most traded stock in value terms, with 50.43% of the total value of trades on the exchange. JOHNHOLT topped the advancers’ chart for today with a price appreciation of 9.60 percent.
Other gainers include FIDELITYBK with (+8.43%) growth, CONOIL (+8.36%), MBENEFIT (+7.69%), JAIZBANK (+6.02%), UBA (+5.73%), and nine others. Stockbrokers said twenty-two stocks depreciated despite the surge in key performance indicators.
On the loser chart are CAVERTON and CWG, with a price depreciation of -10.00%. Others are FTNCOCOA (-8.33%), LEARNAFRCA (-6.25%), REGALINS (-5.41%), OANDO (-5.21%), and JAPAULGOLD (-2.14%).
Today, the market breadth closed negative, recording 15 gainers and 22 losers. However, the market sector’s performance was positive.
Stock analysts said three out of the five major market sectors closed positively. The banking sector rose by +2.45%, followed by the oil & gas sector, which popped by +1.02%, while the consumer goods sector advanced by +0.15%.
Data from the Nigerian bourse showed that the insurance sector declined by -0.72% while the industrial sector closed flat. Overall, the equities market capitalisation of the Nigerian Exchange expanded by ₦142.63 billion to close at ₦55.36 trillion. #Equities Investors Gain N143bn as ‘Fat’ Stocks Rally Moody’s Downgrades Uganda’s Ratings, Changes Outlook to Stable
