Investors Gain N71bn on Renew Interest in Banks Stocks
Equities investors gained about N71 billion on renewed interest in banks stock. Trading activities in the Nigerian Exchange ended positive after five weeks of loss making streaks. The downturn has dragged key performance indicators as investors shifted attention to elevated yield in the fixed income market.
The market performance indicators grew by +0.13% as Alpha seekers in the local bourse spot value in underpriced bellwethers in the banking sectors. GTCO, Zenith and Stanbic experienced valuation growth ahead of Q1 earnings release.
Stockbrokers alluded that the market positive outcome was a result of buying interest in some recently depreciated medium and large-scale stocks, such as GTCO, UNILEVER, ZENITHBANK, and 13 others.
According to Atlass Portfolios Limited, equities investors took advantage of low prices and dividend payment expectation to drive up their bargain hunting in the space.
The market index or the All-Share Index increased by 125.30 basis points, representing a rise of +0.13% to close at 99,665.05 points, stockbrokers said in their separate market reports.
Furthermore, market activities were mixed, as the total volume traded for the day increased by +18.91%, while the total value traded decreased by -1.81%. Naira Suffers Big, CBN Goes Ballistic Against FX Whales
Citing data from the Nigerian Exchange, stockbrokers at Atlass Portfolios Limited said approximately 306.62 million units valued at ₦5,300.71 million were transacted in 8,298 deals.
GTCO was the most traded stock in terms of volume, accounting for 16.39% of the total volume of trades, followed by ACCESSCORP (15.71%), UBA (13.65%), UNIVINSURE (12.98%), and ZENITHBANK (4.96%) to complete the top 5 on the volume chart.
Also, GTCO was the most traded stock in value terms, with 33.48% of the total value of trades on the exchange. FTNCOCOA topped the advancers’ chart with a price appreciation of 9.58 percent.
The company was trailed by GTCO which gained +9.55%. Other gainers are: FTNCOCOA (+8.76%), UNIVINSURE (+8.57%), RTBRISCOE (+8.47%), LINKASSURE (+7.95%), and ten others.
Eighteen stocks depreciated, according to data from the stockbrokers. TIP was the top loser, with a price depreciation of -10.00%. Also on the loser chart are: VITAFOAM (-9.26%), UACN (-6.61%), FIDELITYBK (-6.18%), STANBIC (-5.86%), and ACCESSCORP (-1.18%) also dipped in price.
According to trading record, the market breadth closed negative, recording 16 gainers and 18 losers. On the other hand, the market sector performance closed positive, as three of the five major market sectors ended positive.
The Banking sector gained +1.27%, the Insurance sector rose by +0.46%, and the Industrial sector advanced by +0.06%. On the other side, the Consumer goods sector dropped marginally by -0.01%. The Oil & Gas and Industrial sectors closed flat.
Overall, the equities market capitalisation of the Nigerian Exchange rose by ₦70.87billion, representing a growth of +0.13%, to close at ₦56.37 trillion.
