Equities Investors See N219bn Gain as Market Ignores Protest
The equities investors saw more than N219 billion gain in a latest bargain hunting on the Nigerian Exchange (NGX) despite nationwide protest.
The market halted its losing 8-day losing streaks due to buy interest in some stocks that have seen price depreciation in the recent past. Key performance indicators with year to date return making fresh uptrend.
The Nigerian Exchange All-Share Index rose 385.97 basis points, representing a rise of 0.40% to close at 97,745.73. The local market recovered from previous day’s losses with bargain hunting seen across all the major market sectors.
Nevertheless, market activities declined, as the total volume and total value traded dropped by -62.68% and -53.68% respectively. Approximately 210.91 million units valued at ₦3,951.27 million were transacted across 6,603 deals, Atlass Portfolio Limited told investors in an emailed note.
UBA was the most traded stock in terms of volume, accounting for 17.89% of the total volume of traded in the equities market. Other volume drivers include JAPAULGOLD (8.16%), OANDO (7.07%), ZENITHBANK (6.54%), and VERITASKAP (5.55%).
UBA also emerged as the most traded stock in value terms, accounting for 46.25% of the total value of trades on the exchange. OANDO, MAYBAKER, and OKOMUOIL topped the advancers’ chart for today with a price appreciation of 10.00 percent each.
Other gainers include TOTAL (+9.98%) UCAP (+9.95%), IMG (+9.79%), ACADEMY (+9.18%), RTBRISCOE (+9.09%), and twenty-eight others.
Nine stocks depreciated, according to data from the Nigerian Exchange. MECURE was the top loser, with a price depreciation of -9.82%. Other decliners include ABCTRANS (-9.09%), SOVRENINS (-9.09%), SUNUASSUR (-8.16%), VERITASKAP (-3.06%), and JAPAULGOLD (-2.76%).
As a result of the bargain hunting, the market breadth closed largely positive, recording 36 gainers and 9 losers. In addition, the sectoral performance was positive.
All the sectors ended positive. The oil and gas sector grew by +2.56% followed by the banking sector which popped by +1.31% and the Insurance sector inched higher by 0.99%. Also the Consumer goods sector increased by 0.09% while the Industrial sector climbed by 0.01%.
Overall, the equities market capitalisation advanced by ₦219.14 billion to close at ₦55.50. #Equities Investors See N219bn Gain as Market Ignores Protest
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