Equities Investors Gain N248bn as Insurance Stocks Rally
Equities market capitalisation of the Nigerian Exchange (NGX) expanded by about N248 billion on Friday due to sustained rally on growth stocks. Trading data showed that the local bourse ended first week of the New Year in the green. Key market performance indicators increased by +0.64% in the first two trading days of the year.
According to stockbrokers, the positive performance was fueled by a New Year rally observed in several large and mid- cap stocks across NGX indices. Due to renewed interest in insurance stock, the index posted an impressive growth of +18.05% over the two days.
The market breadth was largely positive, reflecting widespread gains. The NGX All-Share Index increased by 406.19 basis points today, representing an increment of +0.39% to close at 103,586.33. However, market activities were mixed today, as the total volume traded dropped by 14.52%, while the total value traded increased by 45.48%.
In its market update, Atlass Portfolios Limited told investors that approximately 709.28 million units valued at N8,243.48 million were transacted across 13,593 deals. In terms of volume, CHAMS led the activity chart, accounting for 8.20% of the total volume of traded on the Nigerian Exchange trading platform
Other volume drivers include VERITASKAP (7.78%), ABBEYBDS (7.08%), AIICO (5.60%), and NPFMCRFBK (4.83%), rounding out the top five. FBNH emerged as the most traded stock in value terms, accounting for 5.98% of the total value of trades on the exchange.
CHAMS, LEARNAFRCA, TIP, ABBEYBDS, NCR, OMATEK, REGALINS, and ROYALEX topped the advancers’ chart for today with a price appreciation of 10.00 percent each. Other gainers include REDSTAREX (+9.98%), CHAMPION (+9.97%), HONYFLOUR (+9.97%), NEIMETH (+9.96%), AFRIPRUD (+9.96%) and fifty-four others.
Further details revealed that ten (10) stocks depreciated. TOTAL was the top loser, with a price depreciation of -9.74%. Other decliners include CWG (-6.04%), THOMASWY (-5.26%), ABCTRANS (-4.07%), OANDO (-1.98%), and FBNH (-0.89%).
Based on the trading direction, the market breadth closed positive, recording 67 gainers and 10 losers. In today’s session, the Insurance (+7.81%), Banking (+1.08%), Consumer Goods (+0.52%) and Industrial Goods (+0.33%) indexes edged higher due to buying interest in MANSARD (+9.42%), UBA (+2.05%), INTBREW (+1.82%), and WAPCO (+2.51%), respectively. Conversely, the Oil & Gas index dipped 0.49% as investors took profit on TOTAL (-9.74%).
Overall, the equities market cap of the Nigerian Exchange rose by N247.70 billion to close at N63.17 trillion. #Equities Investors Gain N248bn as Insurance Stocks Rally Oil Climbs as Concerns over U.S Economic Growth Ease
