Equities Investors Gain N412bn amidst Wobbling Banking Index
Despite sharp selloffs that caused the banking index to wobble, equities investors gained more than N412 billion on the Nigerian Exchange (NGX) trading platform as the market opened with positive sentiment.
The strong bargain hunting drove key performance indicators higher by 0.62%. The bullish start was driven by renewed buying interest in large and moderately priced, fundamentally strong stocks across major market sectors.
Improved sentiment was bolstered by first-quarter earnings and the latest round of dividend payments by some listed companies. Trading data showed that the market index, or All-Share Index, added 655.93 basis points to close at 106,698.50.
Stockbrokers said in an emailed note that trading activities in the local bourse improved further on Monday as the total volume and total value of all trades increased by 0.66% and 26.61%, respectively.
In its market update, Atlass Portfolios Limited told investors that approximately 569.04 million units valued at ₦18,934.14 million were transacted across 18,612 deals.
In terms of volume, FIRSTHOLDCO led the activity chart, accounting for 18.66% of the total volume of all trades conducted in the market, followed by GTCO (15.34%), ACCESSCORP (7.55%), JAPAULGOLD (7.26%), and CHAMS (4.15%), rounding out the top five.
Heavyweight in the banking sector, GTCO Plc, emerged as the most traded stock in value terms, accounting for 29.40% of the total value of all trades conducted on the exchange.
BETAGLAS topped the advancers’ chart for today with a price appreciation of 9.97 percent, trailed by TIP (+9.90%), CADBURY (+9.87%), CAVERTON (+9.77%), MULTIVERSE (+9.45%), DAARCOMM (+9.26%), and twenty-nine others. Stock trading details revealed that twenty-nine stocks depreciated on the NGX trading platform. ETI was the top loser, with a price depreciation of -9.62%.
Other decliners include CUSTODIAN (-4.72%), ACCESSCORP (-3.88%), JAPAULGOLD (-3.54%), OANDO (-1.68%), and TRANSCORP (-1.10%). Still, the market breadth closed positive, recording 35 gainers and 29 losers.
Also, the market sectoral performance was positive, as four of the five major market sectors closed in green, led by the consumer goods sector, which grew by 2.90%, followed by the insurance sector, which gained 2.69%, and the oil & gas sector, which rose by 2.58%.
The industrial sector climbed by 0.07%, but the banking sector recorded a loss of 1.62%. Overall, the equities market capitalisation of the Nigerian Exchange gained ₦412.26 to close at ₦67.06 trillion. #Equities Investors Gain N412bn amidst Wobbling Banking Index First Holdco Falls below N1 Trillion in Equities Market
