Equities Investors Gain N793bn, NGX Largest Daily Gain in 9-Month
The Nigerian Exchange (NGX) grew by about N793 billion, its largest daily gain in nine months, as MTN Nigeria and Zenith Bank stocks rallied. The strong bargain hunting in telecom, banking, and hotel stocks,, among others, lifted key performance indicators higher on Thursday.
The performance of top gainers like MTNN (+10.00%), TRANSCOHOT (+9.78%), and ZENITHBANK (+4.49%) outweighed the negative impact of selloffs in WAPCO (-1.41%) and FBNH (-1.27%), stockbrokers said in a note.
Data from the local bourse showed that key market performance indicators recorded their highest daily gain in the New Year, up by 1.25% on the day. The significant increase in stock market capitalisation was driven by investors’ renewed buying interest in some medium- and large-cap stocks, such as MTNN, PRESCO, HONYFLOUR, and others.
The market index (All-Share Index) increased by 1,300.01 basis points today, representing a rise of 1.25% to close at 105,530.74, trading statistics or details from the Nigerian bourse revealed.
However, market activities dropped as the total volume and total value trades dropped by 35.28% and 47.07%, respectively. In its note, Atlass Portfolios Limited told investors that approximately 489.53 million units valued at N13,068.72 million were transacted across 13,010 deals.
In terms of volume, UNIVINSURE led the activity chart, accounting for 19.88% of the total volume of traded in the equities market on Thursday. Other volume drivers include AIICO (11.09%), SOVRENINS (5.11%), FBNH (3.32%), and GUINEAINS (2.99%), rounding out the top five.
SEPLAT emerged as the most traded stock in value terms, with 34.87% of the total value of trades on the exchange. MTNN topped the advancers’ chart with a price appreciation of 10.00 percent. Other gainers include HONYFLOUR (+9.89%), UNIVINSURE (+9.86%), TRANSCOHOT (+9.78%), IKEJAHOTEL (+9.31%), NSLTECH (+8.82%) and twenty-eight others.
Twenty-four stocks depreciated, according to details from the Lagos exchange. RTBRISCOE was the top loser, with a price depreciation of -10.00%. Other decliners include SUNUASSUR (-9.99%), TIP (-9.68%), UPDC (-9.50%), GUINEAINS (-8.08%), and GUINNESS (-7.47%).
Today, the market breadth closed positive, recording 34 gainers and 24 losers. Sectoral performance was predominantly positive, with four indices closing in the green and two in the red.
The banking (+1.70%), consumer goods (+0.46%), commodity index (+0.28%), and oil and gas (+0.04%) indices saw gains driven by positive sentiments in ZENITHBANK (+4.49%), INTBREW (+3.85%), PRESCO (+7.10%), and OANDO (+0.40%), respectively.
Conversely, the Insurance (-1.38%) index declined due to persistent profit-taking in SUNUASSUR (-9.99%), while the Industrial Goods (-0.17%) index dipped following selloffs in WAPCO (-1.41%).
Overall, the equities market capitalisation of the Nigerian Exchange gained N792.73 billion to close at N64.35 trillion on Thursday. #Equities Investors Gain N793bn, NGX Largest Daily Gain in 9-Month Cryptocurrencies Market Cap Rises as Bitcoin Pops Higher
