Equities Investors Gain N26bn as Tier-1 Banks Rally
Tier-1 banks drove daily gain in the equities market on Tuesday. The market capitalisation of all listed stocks climbed by about N26 billion as investors took positions in financial services stocks ahead of the second quarter of the 2024 earnings festival.
As a result of the bargain hunting, the market ended the day in green, reversing previous downturn reported at the beginning of the week. banking index increased by 0.79%, driven by share price gains in major banks such as ACCESSCORP, ZENITH, UBA, and GTCO.
Also, the NGX Insurance index recorded a 1.99% gain. Data showed that key performance indicators advanced by +0.05% while year to date return popped near annual inflation rate of 33.95%.
Despite the market breadth being slightly negative, bargain hunting in some medium- and large-cap stocks such as ZENITHBANK, UBA, and others, bolstered equities market performance.
According to data from the local bourse, the market index or All-Share Index rose by 46.94 basis points today, representing a rise of +0.05% to close at 100,067.77. Based on the trading direction, equities market activities improved, with the total volume and total value traded for the day increasing by +33.11% and +10.86% respectively.
In a market update, stockbrokers at Atlass Portfolios Limited told investors that approximately 365.64 million units valued at ₦4,116.03 million were transacted across 8,665 deals.
UNIVINSURE was the most traded stock in terms of volume, according to data from the Nigerian bourse on Tuesday. The insurer accounted for 16.84% of the total volume of traded, followed by AIICO (8.68%), UBA (7.07%), UCAP (6.91%), and NEM (6.36%).
UCAP also emerged as the most traded stock in value terms, with 17.29% of the total value of trades on the exchange. CORNERST topped the advancers’ chart with a price appreciation of 10.00 percent. The Insurance company was trailed by JAIZBANK with (+9.95%) growth, WAPIC (+9.59%), FIDSON (+9.26%), GUINEAINS (+8.82%), UNIVINSURE (+7.89%), and sixteen others.
Twenty-four stocks depreciated, according to stock data. RTBRISCOE was the top loser, with a price depreciation of -9.86%. Other decliners include CILEASING (-6.25%), MBENEFIT (-4.62%), FBNH (-4.35%), OANDO (-3.33%), and UNILEVER (-3.06%).
Stockbrokers said in their separate daily update that the market breadth closed negative, recording 22 gainers and 24 losers. Nevertheless, the market sector performance was negative, as three of the five major market sectors nosedived.
On this sectoral front, the consumer goods sector declined by -0.34%, followed by the Oil & Gas sector which lost -0.03% while the Industrial sector dipped by 0.01%. The Insurance and Banking sectors grew by +1.99% and +0.79%, according to trading records.
Overall, the equities market capitalisation of the Nigerian Exchange rose by ₦25.72 billion on Tuesday to close at ₦56.61 trillion. #Equities Investors Gain N26bn as Tier-1 Banks Rally NUPRC Extends 2024 Licencing Bid Registration by 10-Day
