Industrial Stocks Lead NGX Relief Rally, Investors Gain N411bn
Industrial stocks led the relief rally on the Nigerian Exchange (NGX) as the total equities portfolio value climbed N411 billion, halting the downtrend on Tuesday.
The All-share index (ASI) rose 26 basis points as reports showed HBM Nigeria, Unilever Nigeria, NASCON, and others boosted key performance indicators.
Renewed bargain hunting in recently moderated mid-cap and blue-chip stocks, including HBMNG (+6.76%), UNILEVER (+5.83%) and NASCON (+7.31%) drove the uptick across key market sectors.
The market index rose by 632.79 basis points to close at 245,911.13. Stock market capitalisation also advanced by ₦410.86 billion to close at ₦159.67 trillion.
Total trade volume fell by 0.19%, while the total value of shares traded rose by 43.52%. In a note, Atlass Portfolio Limited told investors that it transacted approximately 348.75 million units, valued at ₦25,877.06 million, across 32,639 deals.
UBA drove market volume, accounting for 13.86% of all shares traded, followed by FCMB (8.67%), ZENITHBANK (6.05%), GTCO (4.62%), and DANGSUGAR (2.67%).
ARADEL topped the value chart, accounting for 19.82% of the total value of all shares traded on the local bourse on Tuesday, making it the highest-traded stock on the exchange.
AUSTINLAZ led the gainers chart, up 9.97%, followed by ABCTRANS (+9.92%), CUTIX (+9.91%), THOMASWY (+9.77%), CAVERTON (+9.76%), LASACO (+8.57%), and twenty-two others.
Twenty-one stocks depreciated, according to a market report reviewed at MarketForces Africa.
With a -9.76% price depreciation, LIVESTOCK topped the worst performers’ chart, followed by GUINEAINS (-7.78%), NPFMCRFBK (-5.75%), MBENEFIT (-4.69%), AIICO (-3.06%), and NGXGROUP (-3.03%).
Hence, market breadth closed positive, with 28 gainers and 21 losers. Sectoral performance was positive today, with three of the five major market sectors up.
The Industrial goods sector rose 1.17%, followed by the Consumer goods sector (+0.29%) and the Oil & gas sector (+0.01%). The Banking and the Insurance sectors declined by 0.15% each.
