Equities Investors Gain N60bn as Oil, Telecom Stock Rally

Equities Investors Gain N60bn as Oil, Telecom Stock Rally

Equities investors saw more than N60 billion gain on Tuesday as oil and telecom stocks rallied. Reversing the downturn recorded at the beginning of the week, the Nigerian equity market closed today’s trading session on a positive note.

THE Nigerian Exchange (NGX) key performance indicators advanced by 0.10% apiece. The buying momentum nudged the year-to-date return higher above the 31% mark. The market index, or All-Share Index, rose by 99.45 basis points to close at 98,206.97 as bulls returned to the exchange.

The market experienced heavy bargain hunting in some large and medium-cap stocks. Major drivers include AFRIPRUD, MTNN, CONOIL, and other lightweight stocks. However, market activities ended on a mixed note as the total volume traded for the day surged by 115.44%, while the total value traded dropped by 0.40%.

In its market update, Atlass Portfolio Limited told investors that approximately 939.41 million units valued at ₦12,813.52 million were transacted across 9,098 deals. WAPIC was the most traded stock in terms of volume, accounting for 48.80% of the total volume traded in the local bourse.

Other volume drivers include STERLINGNG (14.76%), JAPAULGOLD (3.24%), UBA (3.06%), and MTNN (2.63%) to complete the top 5 on the volume chart.

MTNN emerged as the most traded stock in value terms, accounting for 33.76% of the total value of trades on the exchange. GOLDBREW topped the advancers’ chart with a price appreciation of 9.93 percent, trailed by TANTALIZER which gained +9.77%.

Other gainers include AFRIPRUD (+9.70%), ABCTRANS (+9.65%), LEARNAFRCA (+9.56%), DAARCOMM (+9.43%) and thirty others.

Twenty stocks depreciated, according to stockbrokers. JOHNHOLT was the top loser, with a price depreciation of -9.96%. Other decliners include HMCALL (-9.91%), MORISON (-9.89%), WAPCO (-7.80%), RTBRISCOE (-4.35%), and JAPAULGOLD (-2.24%).

Based on the trading direction, the market breadth closed positive, recording 37 gainers and 20 losers. In addition, the market sector performance was positive.

Three out of the five major market sectors inched up, led by the insurance sector, which grew by 1.98%, followed by the oil & gas sector that gained 1.64%, while the consumer goods sector rose by 0.17%.

Meanwhile, the industrial and banking sectors dropped by 0.84% and 0.20%, respectively, on Tuesday. Overall, the equities market capitalisation of the Nigerian Exchange gained N60.28 billion to close at N59.53 trillion. # Equities Investors Gain N60bn as Oil, Telecom Stock Rally Jigawa Approves N117m for Establishment of Pilot CNG Centre in Dutse