Investors Gain as Nigerian Bourse Halts Bearish Trend

Investors Gain as Nigerian Bourse Halts Bearish Trend

With a moderate share capital appreciation, the equities segment of the Nigerian Exchange halted the downward trend on Wednesday as market performance indicators increased marginally by +0.04%.

After the bearish outing reported yesterday, the local bourse benchmark index rose by 0.04% to close at 43,477.48 points, principally buoyed by renewed positive investor sentiment on some of the bellwethers

Consequently, the market capitalization inched upward by ₦8.65 billion to close at ₦23,681.02 trillion from ₦23,672.37 trillion the previous day.

However, market activities were down, as the total volume and total value traded for the day decreased by 46.62% and 27.62% respectively, Atlass Portfolios Stockbrokers said in a market report. Approximately 133.41 million units valued at ₦1,810.69 million were transacted in 3,078 deals.

FBNH was the most traded stock in terms of volume, accounting for 22.78% of the total volume of trades, followed by OANDO (12.58%), ZENITH BANK (10.10%), UBA (7.38%), and GTCO (6.72%) to complete the top 5 on the volume chart.

Meanwhile, DANGCEM was also the most traded stock in value terms, with 17.57% of the total value of trades on the exchange. UNITY BANK topped the advancers’ chart with a price appreciation of 9.09 percent.

The bank was trailed by LINKASSURE which gained 7.69%. ROYALEX rose by 7.32%, CHAMS gained 4.35% while MBENEFIT advanced by 3.85% in addition to seven other companies’ shares that popped.

Eleven (stocks depreciated, topped by HONYFLOUR with a price depreciation of -9.09% to close at ₦2.00, according to a market report. PRESTIGE’s share price declined by 8.70% while PRESCO lost 6.15%.

Stock market investors price down JAIZBANK by 6.00 while OANDO dipped by 4.41%, INTBREW fell by 3.61% and ACCESSCORP skidded by 1.23%. READ: NGX Halts Rally after Price Decline in Banking Stocks

The market breadth also closed marginally positive, recording 12 gainers and 11 losers while the sector performance ended on a negative note.

Three out of the five major market sectors were down, led by the Oil & Gas sector (-0.67%), the Insurance sector (-0.38%), and the Consumer goods sector (-0.17%), while the Industrial and Banking sectors grew by +0.27% and +0.04% respectively. # Investors Gain as Nigerian Bourse Halts Bearish Trend

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