Equities Investors Gain N91bn as Oil Stocks Rally

Equities Investors Gain N91bn as Oil Stocks Rally

Equities investors gained about N91 billion in the market as oil stocks rallied on Friday. The Nigerian Exchange ended trading session for the week on a positive note as key market performance indicators rose by 0.14%.

The local bourse bullish performance was driven by renewed buying interest in some medium- and large-cap stocks, fueled by demand in OANDO, ARADEL, and others.

As a result, the Nigerian Exchange All-Share Index increased by 145.93 basis points to close at 107,821.39. Equities market activities were up as the total volume and total value trades increased by 8.23% and 47.18% respectively.

In a note, Atlass Portfolios Limited told investors that approximately 458.26 million units valued at ₦14,078.15 million were transacted across 12,213 deals.

In terms of volume, ZENITHBANK led the activity chart, accounting for 26.68% of the total volume of trades conducted in the market, followed by FCMB (10.95%), ACCESSCORP (6.25%), FIDELITYBK (4.34%), and JAIZBANK (3.83%), rounding out the top five.

ZENITHBANK emerged as the most traded stock in value terms, accounting for 41.71% of the total value of transactions conducted on the exchange.

AUSTINLAZ topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by OANDO (+9.94%), CAVERTON (+9.67%), JOHNHOLT (+9.62%), PZ (+9.09%), DEAPCAP (+8.70%), and twenty others.

Thirty-four stocks depreciated, according to data obtained from the local bourse. REDSTAREX was the top loser with a price depreciation of -9.96%. Other decliners include MULTIVERSE (-9.72%), CADBURY (-9.62%), ETI (-3.18%), DANGSUGAR (-2.44%), and FBNH (-1.68%).

On Friday, the market breadth closed negative, recording 26 gainers and 34 losers. In spite of the Bull Run, the market sectoral performance was negative.

Three out of the five major market sectors went down, led by the consumer goods sector, which dropped by 0.41%.

The banking sector fell by 0.16%, and the insurance sector declined by 0.13%. The oil & gas sector grew by 1.74%, while the industrial sector was flat. 

Overall, the equities market capitalisation of the Nigerian Exchange increased by ₦90.95 billion to close at ₦67.19 trillion. #Equities Investors Gain N91bn as Oil Stocks Rally Naira Exchange Rates Switch Positions in FX Markets