Equities Investors Gain N459bn as Fidelity Bank, MTN Rally

Equities Investors Gain N459bn as Fidelity Bank, MTN Rally

Equities investors saw more than N459 billion gain on the Nigerian Exchange (NGX) trading platform due to positive price movement in bellwether stocks, including Fidelity Bank, MTN Nigeria, and Aradel Holdings.

The local bourse extended its positive momentum on Wednesday, driving key performance indicators higher by +0.50% while the year-to-date return advanced to 41.6%.

The market witnessed profit-taking activities in some recently appreciated stocks, still the overall performance remained positive, driven by sustained buying interest in large and mid-cap stocks.

Investor sentiment was upbeat, buoyed by improving macroeconomic fundamentals and moderating interest rates. Consequently, the market index grew by 0.50%, adding 723.83 basis points to close at 145,719.09.

However, market activities were mixed, as the total volume of all trades increased by +3.61%, while the total value was down by -43.95%. Stockbrokers reported that approximately 525.73 million units valued at ₦13,612.63 million were transacted across 25,597 deals in the local bourse.

In terms of volume, CONHALLPLC led the activity chart, accounting for 16.02% of the total volume of all stocks traded on the Nigerian Exchange, followed by FIRSTHOLDCO (7.00%), JAIZBANK (5.51%), CHAMS (4.69%), and ELLAHLAKES (4.10%), rounding out the top five.

GTCO emerged as the most traded stock in terms of value, accounting for 13.24% of the total value of all trades on the exchange. FTNCOCOA topped the advancers’ chart with a price appreciation of 8.89 percent, trailed by LIVESTOCK (+7.43%), ETERNA (+6.96%), PRESTIGE (+4.94%), FIDELITYBK (+4.74%), MTNN (+4.64%) and twenty-three others.

Meanwhile, thirty-three stocks depreciated as investors exited their positions. IMG was the top loser, with a price depreciation of – 9.97%, trailed by JAIZBANK (-7.53%), DANGSUGAR (-6.10%), ELLAHLAKES (-5.44%), UNIVINSURE (-3.57%), and TRANSCORP (-1.01%).

Based on trading details, the market breadth closed negatively, recording 29 gainers and 33 losers.  The Oil & Gas (+0.59%) index led the sectoral performance, followed by the Commodity (+0.31%) index, buoyed by the price uptick in ARADEL (+1.58%).

The Banking (+0.12%) index also closed positive, boosted by FIDELITYBK (+4.74%). On the flip side, the Insurance (-0.75%), Industrial Goods (-0.02%) and Consumer Goods (-0.01%) indices were bearish, dragged by sell-offs in names like NEM (-5.46%), WAPCO (-0.19%) and DANGSUGAR (-6.10%), respectively. Overall, the Nigerian Exchange surged by  ₦459.43 billion to close at  ₦92.49 trillion. Dollar Index Slips, Shutdown Reduces U.S GDP by 0.1% Weekly