Equity Market Roars as Treasures Hunters Bet Large
The Nigerian Exchange (NGX) closed higher on Thursday as treasures hunting equity investors stake large bets again. The stock market has seen large gains per trading session due to heavy positioning ahead of first-quarter results.
Buying interest lifted market indices inched higher by 0.40 per cent following gains in DANGCEM, WAPCO, and 19 others.
Meanwhile, Atlass Portfolios noted that the Nigeria Exchange Limited listed two Future Contracts: NGX30 Index and NGXPENSION Index Future Contracts amidst its launched derivate market.
Consequently, the All-Share Index rose by 191.14 basis points representing a 0.40 per cent growth, closed at 47,558.45.
Consolidating the week rally, the equity market inched higher by ₦103.05 billion, representing an upsurge of 0.40 per cent to close at ₦25.64 trillion.
However, the market activities were bearish, as the total volume and value tanked 1.71 per cent and 59.58 per cent, respectively.
Citing data from the Nigerian Exchange, Atlass Portfolios said approximately 385.18 million units valued at ₦4.02 billion were transacted in 6,212 deals. FIDELTYBK emerged as the most traded stock in terms of volume, accounting for 19.42 per cent of the total volume of trades.
The Tier-2 lender was followed closely by STERLNBANK (11.82%), ACCESSCORP (8.79%), ZENITH BANK (8.07%), and AFRINSURE (6.92%) to complete the top five on the volume chart. READ: Treasures Hunters See Slowdown in Naira Value of Cryptoassets
ZENITH BANK appeared as the most traded stock in value terms, with 19.37 per cent of the total value of trades on the exchange. MEYER topped the advancers’ chart with a price appreciation of 7.38 per cent.
The company’s stock was trailed by NB (2.74%), JBERGER (2.62%), DANGCEM (2.38%), LIVESTOCK (1.74%), HONYFLOUR (1.39%), WAPCO (0.43%), GTCO (0.41%) and thirteen (13) others.
Meanwhile, sixteen (16) stocks depreciated, led by DANGSUGAR with a price decline of 5.09 per cent to close at ₦15.85. AFRIPRUD dipped 4.76%, FLOURMILL lost 1.45% and VITAFOAM was priced down by 1.32%.
ACCESSCORP shed 0.97% of its opening value, WEMABANK declined 0.63%, ZENITH BANK bumped 0.40% while UCAP depreciated by 0.38%. Overall, the market breadth was positive, recording 21 gainers and 16 losers while sectoral performance was neutral.
Two of the five major sectors closed positively compared to the previous session, namely Insurance (1.32%) and Industrial Goods (1.23%). Meanwhile, the Banking and Consumer Goods sectors dipped by 0.65% and 0.11%, respectively, leaving the Oil & Gas sector unchanged. #Equity Market Roars as Treasures Hunters Bet Large
