Equities Market Climbs by N323bn on Fresh Rally
Equities market wiped out weekly loss of N44 billion on Monday as investors sentiment picked up ahead of inflation data. The surge was driven by buying interest in oil/gas and banking names on the local bourse.
Based on the trading pattern, key performance indicators improve, with year to data gain recording sizeable daily uptick amidst expectation that inflation would rise further.
Opening the week positive, key performance indicators rose by +0.58% following buying momentum in banking stocks. In its update, Atlass Portfolios Limited said the market positive performance increased buying interest across some major market sectors.
According to details from the Nigerian bourse, the market index or All-Share Index added 571.38 basis points today, representing a rise of 0.58% to close at 99,793.71.
Stockbrokers stated that equities market activities inched higher. Total volume and total value traded for today increased by +148.32% and +83.55% respectively.
In its market update, Atlass Portfolios Limited said approximately 963.54 million units valued at ₦13,497.57 million were transacted in 8,657 deals.
FIDELITYBK was the most traded stock in terms of volume, accounting for 62.83% of the total volume of trades, followed by ACCESSCORP (9.66%), UBA (6.10%), NB (4.70%), and ZENITHBANK (1.67%).
Also, FIDELITYBK was the most traded stock in value terms, with 44.65% of the total value of trades on the exchange.
FLOURMILL topped the advancers’ chart with a price appreciation of 10.00 percent. The food producer was trailed by TOTAL with +9.98% capital appreciation.
Other gainers are: ACCESSCORP (+9.86%), CHAMS (+9.74%), VERITASKAP (+9.52%), JBERGER (+9.15%), and twenty-four others. On the other hand, ten stocks depreciated, according to data from the local bourse.
ETRANSACT was the top loser, with a price depreciation of -9.90%. Other decliners are: DAARCOMM (-9.52%), CHAMPION (-6.67%), UNITYBNK (-6.67%), WAPCO (-2.22%), and JAPAULGOLD (-1.04%).
In that regard, the market breadth closed positive, recording 23 gainers and 17 losers. In addition, the market sector performance was positive.
Four out of the five major market sectors advanced, led by the Oil & Gas sector, which grew by +3.13%, followed by the Banking sector with +2.71% upsurge. The Insurance sector advanced by +0.59%, and the Consumer goods sector did +0.31%. However, the Industrial sector dropped by -0.08%.
Overall, the equities market capitalisation of the Nigerian Exchange rose by ₦323.31 billion to close at ₦56.45 trillion. Globus Bank to Raise 129bn, Chairman Peter Amangbo Explain Plans
