Equities Investors Gain N240bn as Ecobank, Oando Rally
Ecobank Transnational Inc. and Oando are among the stocks that pushed the Nigerian Exchange (NGX) market capitalisation higher on Thursday, according to data from the local bourse.
The stock market closed the week on a positive note, as key performance indicators, including the NGX-ASI and market capitalisation, advanced by 0.37%. This upward movement was largely driven by bargain hunting in recently beaten-down medium- and large-cap stocks, such as NB, ETI, OANDO, UCAP, and others.
Stockbrokers said this rebound effectively reversed the loss recorded in the previous trading session. Specifically, the All-Share Index added 381.93 basis points to close at 104,233.81.
Despite the positive close, the market posted a marginal decline on a week-on-week basis, with the NGX-ASI recording a loss of 0.53%, reflecting cautious sentiment among investors over the course of the week.
However, trading activities were mixed, as the total volume of all trades consummated increased by 7.00%, while the total value traded reduced by 42.34%. In its market update, Atlass Portfolios Limited told investors that approximately 376.29 million units valued at ₦7,905.76 million were transacted across 11,204 deals.
In terms of volume, UNIVINSURE led the activity chart, accounting for 23.82% of the total volume traded on the exchange, followed by FIDELITYBK (13.21%), ACCESSCORP (8.77%), ZENITHBANK (4.16%), and NB (4.11%), rounding out the top five.
MTNN emerged as the most traded stock in value terms, accounting for 18.38% of the total value of transactions conducted on the exchange. ABBEYBDS topped the advancers’ chart with a price appreciation of 9.94 percent, trailed by NB (+9.86%), ABCTRANS (+9.23%), LIVESTOCK (+9.20%), ETI (+8.94%), GUINEAINS (+8.77%), and sixteen others.
According to data from the Nigerian Exchange, twenty-four stocks depreciated. SUNUASSUR was the top loser, with a price depreciation of -9.91%. Other decliners include ELLAHLAKES (-9.76%), CILEASING (-6.57%), CONHALLPLC (-5.08%), CADBURY (-4.35%), and FIRSTHOLDCO (-1.60%).
Hence, the market breadth closed negative, recording 22 gainers and 24 losers. However, the market sectoral performance was positive, as three of the five major market sectors were up.
The banking sector advanced by 1.33%, followed by the consumer goods sector, which gained 1.24%, and the oil & gas sector, which rose by 0.44%. The insurance sector recorded a loss of 2.92%, while the industrial sector closed unchanged.
Overall, the equities market capitalisation of the Nigerian Exchange gained ₦240.00 billion to close at ₦65.50 trillion. #Equities Investors Gain N240bn as Ecobank, Oando Rally #MTN Nigeria Net Loss Grows by 192% to N400 billion
