Equity Investors Gain N30 bln as NGX Rallies

Equity Investors Gain N30 bln as NGX Rallies

Equity investors at the local bourse see N30 billion gain on Friday as the Nigerian Exchange (NGX) continues upward trajectory, closing the week in green. Stockbrokers told MarketForces Africa today that there was heavy bargain-hunting in the banking and consumer goods sectors on the NGX.

Consequently, the Nigerian Exchange All-Share Index rose by 56.38 basis points, representing 0.12 per cent growth to close at 47,328.42 points. Closing the week positive, the equity market capitalisation edged higher by ₦30.38 billion, representing a growth of 0.12 per cent to close at ₦25.51 trillion.

Meanwhile, Atlass Portfolios Limited said in a market report that trading activities were bearish as the total volume and value plunged by 25.64 per cent and 28.61 per cent, respectively.

Approximately 253.31 million units valued at ₦2.75 billion were transacted in 4,266 deals, according to data from the Nigerian Exchange website. FCMB led as the most traded stock in terms of volume, accounting for 19.79 per cent of the total volume of trades.

The bank’s stock was followed closely by TRANCORP (14.60%), UBA (7.62%), FBNH (7.01%) and GTCO (4.01%) to complete the top five on the volume chart.

Meanwhile, MTNN emerged as the most traded stock in value terms, with 15.79 per cent of the total value of trades on the exchange.

ETRANZACT remained the best gainer to top the advancers’ chart with price appreciation of 9.92 per cent, followed by MBENEFIT (3.70%), ACCESS (1.47%), UNILEVER (0.72%), FLOURMILL (0.63%), MTNN (0.50%), UCAP (0.36%), STANBIC (0.29%) and thirteen (13) others.

Contrarily, seventeen (17) stocks depreciated, led by CUTIX with a price depreciation of 8.47 per cent to close at ₦2.70. LIVESTOCK (-3.00%), GUINNESS (-2.93%), JAPAULGOLD (-2.63%), NGXGROUP (-2.49%), AFRIPRUD (-1.34%), ETI (-0.44%) and ZENITHBANK (-0.19%) dipped in price.

Following the trading pattern observed, the market breadth closed positive, recording 21 gainers and 13 losers. Sectorial performance was mixed as two of the five major sectors closed positively compared to the previous session.

Banking (0.25%) and Consumer Goods (0.15%), while Industrial Goods (-0.02%) and Insurance (-0.79%) declined, leaving the Oil & Gas unchanged. #Equity Investors Gain N30 bln as NGX Rallies. Read: Equity Investors See Large Gain as Nigerian Bourse Rallies