Equity Investors Gain N245bn as First Holdco, Access Rally
With increased interest in banking names like First Holdco and Access Holdings, the Nigerian Exchange (NGX) index rose as equity investors gained about N245 billion.
The stock market closed on a positive note with key market performance indicators both rising by 0.26% on Wednesday. The local bourse experienced renewed buying interest in some mid-cap and blue-chip stocks across major market sectors, recording significant interest in financial stocks.
Stockbrokers spotted increased interest in insurance sector and banking sector, and notable gained in the midweek rally include OKOMUOIL, FIRSTHOLDCO, CAP, VITAFOAM, and ACCESSCORP among others.
The NGX All-Share Index increased by 383.71 basis points in today’s trading session, reflecting a 0.26% increase to close at 149,842.82. Also. NGX market capitalisation advanced by ₦244.62 billion to close at ₦95.53 trillion.
Stock traders in the local bourse reported that market activities inched higher as the total volume of all trades and their total value increased by +477.38% and +890.52% respectively.
NGX record showed that approximately 5,925.20 million units valued at ₦216,194.04 million were transacted across 25,205 deals.
FIRSTHOLDCO was the volume driver, accounting for 16.65% of companies units transacted on Wednesday followed by STERLINGNG (13.44%), FCMB (11.43%), ACCESSCORP (6.39%), and ZENITHBANK with 4.96%.
Also, FIRSTHOLDCO led value chart, accounting for 22.20% of the total value of all trades consummated in the market – ranking as the highest traded on the exchange.
FIRSHOLDCO, LASACO, PRESTIGE, and VERITASKAP led the gainers list, up by +10.00% each, trailed by MECURE (+9.92%), LINKASSURE (+9.70%), and thirty-one others.
ACCESSCORP gained 4%, and ETI ended flattish, while the stock market recorded a total of twenty-three stocks which depreciated.
With a price depreciation of -10.00%, LIVINGTRUST topped the worst performers’ chart, followed by INTENEGINS (-9.92%), MCNICHOLS (-6.90%), OMATEK (-6.84%), CHAMS (-6.41%), and LEGENDINT (-5.27%).
Hence, the market breadth closed on a positive note, as there were 37 gainers and 23 losers.
Sectoral performances were relatively bullish, with 4 major indices closing higher. The Insurance index (+2.02%) was the standout performer, propelled by upticks in CORNERST (+4.91%) and AIICO (+2.31%).
The Banking index (+1.48%) was not far behind, buoyed by gains in FIRSTHOLDCO (+10.00%) and ACCESSCORP (+4.00%). The Commodity (+0.48%) and Consumer Goods (+0.03%) also posted modest gains, driven by positive performances in OKOMUOIL (+6.84%) and CHAMPION (+7.84%), respectively.
In contrast, the Industrial Goods (-0.63%) and Oil and Gas (-0.05%) indices retracted, weakened by selloffs in WAPCO (-4.39%) and OANDO (-0.79%), respectively. #Access Holdings Lost 6.5% as Investors Sentiment Deteriorates
