Equity Investors Gain N94bn as NGX Halts Losses
The Nigerian Exchange (NGX) grew by more than N94 billion in the latest rally as the monetary authority kept interest rate unchanged, overturning negative sentiment.
Trading activity switched positive, halting the selloffs that have lasted for six trading sessions since last week, with the year-to-date return trailing 40%.
Stockbrokers said the market resurgence was primarily driven by renewed buying interest in selective stocks across key sectors as cautious trading continues.
Consequently, the market index, or All-Share Index, increased by 148.52 basis points to close at 143,763.13 points. NGX market capitalisation also increased by ₦94.46 billion to close at ₦91.44 trillion.
Investors showed significant interest in NCR, IKEJAHOTEL, STERLINGNG, PRESTIGE, and ROYALEX, among others. However, market activities were down as the total volume of all trades and the total value traded declined by -18.62% and -34.04%, respectively.
Stockbrokers reported that approximately 556.15 million units valued at ₦18,713.87 million were transacted across 19,500 deals.
FIRSTHOLDCO emerged as the most traded stock in terms of volume, accounting for 16.95%, followed by ACCESSCORP (14.79%), FIDELITYBK (7.56%), FCMB (6.88%), and UBA with 5.78%.
STANBIC topped the value chart, accounting for 17.20% of the total value of trades in the local bourse. NCR topped the gainers chart, up by +9.98%, followed by IKEJAHOTEL (+9.86%), PRESTIGE (+9.56%), EUNISELL (+9.49%), STERLINGNG (+8.96%), DAARCOMM (+8.79%), and twenty others.
A total of nineteen stocks depreciated, according to data obtained from Nigerian bourse. With a price depreciation of -10.00%, both CAVERTON and UNIONDICON topped the worst performers’ chart, followed by SUNUASSUR (-4.78%), LASACO (-4.58%), MANSARD (-4.23%), and NSLTECH (-3.75%).
Hence, the market breadth closed on a positive note, as there were 26 gainers and 19 losers. Sectoral performance was at par today as two out of the major market sectors appreciated while two declined.
The Banking sector led with an increase of +0.38%, followed by the Consumer goods sector, UP BY +0.01%. The Insurance sector and the Oil & Gas sector declined by -0.84% and -0.17%, respectively, while the Industrial goods sector remained unchanged. CBN Holds OMO Bills Auction, Raises N2.98trn
