Market Return Nears 14% as Investors Hunt Value Stocks

Market Return Nears 14% as Investors Hunt Value Stocks

The equity market segment of the Nigerian Exchange (NGX) year to date returns now nearing 14% as investors continue to positioning heavily in some value, growth stocks amidst third quarter earnings season.

The market sustained the bullish sentiment to ten consecutive trading sessions as key indicators surged by 0.20 percent, driven by the bargain hunting in 43 medium and highly capitalised stocks, Atlass Portfolios said in a market report.

Consequently, the All-Share Index rose by 99.26 basis points representing a 0.20 percent growth, closed at 48,558.91 points, according to market date.  The equity market capitalisation advanced ₦53.51 billion, representing an increase of 0.20 percent to close at ₦26.18 trillion.

Overall, the month-to-date return and year-to-date return printed at 3.39% and +13.68, respectively.

Similarly, the market activities were mixed, as the total volume dipped by 4.02 percent while the total value spiked by 4.74 percent.  Market report shows that about 328.39 million units valued at ₦4.04 billion were transacted in 5,711 deals on Monday.

ZENITHBANK emerged as the most traded stock in terms of volume, accounting for 10.51 percent of the total volume of trades.

The tier-1 bank was followed closely by OANDO (9.38%), MANSARD (7.03%), TRANSCORP (6.30%), and FBNH (6.12%) to complete the top five on the volume chart.

Also, ZENITHBANK appeared as the most traded stock in value terms, with 22.59 percent of the total value of trades on the exchange. UPDCREIT topped the advancers’ chart with price appreciation of 10.00 percent.

The company was followed closely by ETERNA (9.92%), OANDO (9.90%), NB (9.86%), UNILEVER (9.84%), TOTAL (6.45%), STANBIC (6.32%), WAPCO (5.28%), GTCO (1.65%), UBA (1.23%), ZENITHBANK (0.99%), FLOURMILL (0.16%), DANGCEM (0.14%) and thirty (30) others.

On the flip side, sixteen (16) stocks depreciated, topped by UNITYBNK with a price depreciation of 6.00 percent to close at ₦0.47.

JAPAULGOLD (-5.88%), BUACEMENT (-3.89%), AFRIPRUD (-3.33%), UCAP (-2.22%), PRESCO (-2.18%), ACCESSCORP (-1.00%) and HONYFLOUR (-0.26%) also dipped in price. The market breadth was largely positive, recording 43 gainers and 16 losers.

Sectoral performance was positive, as four the five sectors closed bullishly compared to the previous session, led by Consumer Goods (2.45%), Oil & Gas (1.44%), Insurance (0.39%) and Banking (0.34%), respectively.

The Industrial Goods sector tanked by 1.10 percent, courtesy of 3.89% decline in BUACEMENT. #Market Return Nears 14% as Investors Hunt Value Stocks