Equities Investors Gain N711bn as Banking, Oil Stocks Rally
With about N711 billion gain, banking and oil stocks drove momentum in the Nigerian stock market on Tuesday, reflecting investors’ positive sentiment amidst earnings releases.
Key performance indicators surge as the Nigerian Exchange (NGX) attracts allocations from portfolio builders and pension funds allocated to stocks.
The market recorded buying interest in mid-cap and blue-chip stocks such as ARADEL, OANDO, ACCESSCORP, WAPCO, FCMB, among others, across major market sectors.
The Oil & Gas sector appreciated the most, gaining 4.52%.
Trading data showed that the market index added 1,091.33 basis points in today’s trading session, reflecting a 0.56% increase to close at 196,605.33. Hence, the NGX market capitalisation gained ₦710.98 billion, closing at ₦126.19 trillion.
Activity improved as the total volume of all trades and the total value traded on the local bourse increased by 3.91% and 23.27%, respectively.
In its investor’s note, Atlass Portfolio Limited stated that approximately 820.75 million units, valued at ₦43,239.81 million, were transacted across 84,189 deals.
FTGINSURE generated 6.67% of the total trading volume in the market, followed by STERLINGNG (6.49%), JAPAULGOLD (5.40%), ZENITHBANK (4.67%), and JAIZBANK (4.42%).
Meanwhile, ARADEL accounted for 18.50% of the total value of all trades executed on the local bourse, making it the highest-traded stock on the exchange.
UACN and SUNUASSUR topped the gainers chart, up by +10.00% each, then trailed by OANDO (+9.96%), SOVRENINS (+9.88%), FTGINSURE (+9.71%), UPL (+9.35%), ARADEL (+9.07%), and thirty-one others.
A total of thirty-five stocks depreciated. With a price depreciation of -10.00%, FIDSON topped the worst performers’ chart, followed by MECURE (-9.95%), ALEX (-9.88%), MCNICHOLS (-8.26%), DEAPCAP (-8.17%), and NSLTECH (-8.00%). Hence, the market breadth closed on a positive note, with 38 gainers and 35 losers.
The NGX sectoral performance was positive. The Oil & Gas sector increased by +4.52%, followed by the Insurance sector (+1.55%), the Consumer goods sector (+0.88%), the Industrial goods sector (+0.17%), and the Banking sector (+0.04%). Ellah Lakes’ N235bn Public Offer Failed, Investors Get Refund
