NGX Climbs by N1.37trn as Investors Ramp Up Oversold Stocks
The Nigerian Exchange (NGX) ended the trading session on a positive note on Wednesday, reflecting increased bargain-hunting stocks that recently nosedived. Investors re-entered positions in oversold stocks across sectoral indices amidst earnings announcements.
Hence, the All-Share Index (ASI) edged higher by 1.28% to 168,030.18 points, supported by gains in BERGER, DAARCOMM, FTGINSURE, RTBRISCOE, and FIRSTHOLDCO.
Due to bargain hunting, market capitalization expanded by 1.28%, gaining ₦1.37 trillion to close at ₦107.86 trillion. Market sentiment was favorable at 2x, with 53 gainers outpacing 26 losers.
The gainers list was led by DARRCOMM, RTBRISCOE, and BERGER, each gaining 10.00%, while the losers list was led by REDSTAREX (-9.97%), DEAPCAP (-9.97%), and UHOMERIT (-9.95%).
Trading metrics weakened broadly as share volume dropped 5.66% to 694.79 million units, transaction value fell 16.61% to ₦20.57 billion, and deal count decreased 8.54% to 42,095 transactions.
CHAMS topped the volume chart with 57.44 million units, while SEPLAT led the value charts with N2.56 billion worth of trade, data obtained from the Nigerian bourse revealed.
Sectoral activity was largely bullish: Banking led gains with a 2.33% rally, followed by Oil & Gas rising 1.52%, Industrial increasing 1.20%, Consumer Goods growing 1.09%, and Commodity advancing 0.82%. In contrast, Insurance declined 0.84%. Anchoria Securities Sees 38% Upside in Fidelity Bank
