NGX Climbs Sharply as MTNN, Banking Stocks Gain

NGX Climbs Sharply as MTNN, Banking Stocks Gain

The Nigerian Exchange (NGX) climbs sharply again on Thursday as equities investors engaged in a high level of bargain hunting to sustain the upward trajectory seen after it breaks out from the selling rallies.

The stock market then extended its gains for the third consecutive session over buying interest in MTN Nigeria shares, recording a 3.9% share price jump, supported by higher gains in banking stocks.

As a result, the Nigerian Exchange All-Share Index advanced by 0.5% to 51,618.73 points. The month-to-date loss moderated to -2.6%, while the year-to-date return increased to +20.8%. READ: Dollar Trades Strong as U.S Treasury Yields Rise Sharply

The equities market capitalisation increased by N130 billion to N27.828 trillion from N27.697 trillion the previous day. The market breadth was negative as 18 stocks advanced, while 22 stocks declined.

First Bank of Nigeria (FBNH) led the gainers’ chart in percentage terms by 9.78 per cent to close at N10.10 per share. FTNCocoa followed with a gain of 9.38 per cent to close at 35k, while Chiplc rose by 8.06 per cent to close at 67k per share.

Livestock and Union Bank of Nigeria (UBN) also went up by 6.94 per cent and 6.19 per cent each, to close at N1.54 and N6 per cent, respectively On the other hand, Academy and EllahLake led the losers’ chart in percentage terms by 10 per cent each to close at N1.17 and N3.94 per share, respectively

Presco shed 9.84 per cent to close at N165 per share. ETranzact also lost 9.84 per cent to close at N2.20 per share, while Meyer lost 9.68 per cent to close at N2.52 per share. Meanwhile, the total volume traded increased to 223.25 million units from 229.37 million units recorded the previous day.

Also, the total value of trade stood at N2.86 billion, exchanged in 4,028 deals. Transactions in the shares of Mutual Benefits Assurance topped the volume chart with 40.13 million shares valued at N10.03 million.

Oando followed with 28.52 million shares worth N168.94 million, while First City Monument Bank (FCMB) traded 24.45 million shares valued at N85.57 million. Accesscorp traded 24.1 million shares valued at N229.02 million, while FBNH transacted 12.36 million shares worth N121.77 million.

Sectoral performance was broadly positive, according to stock market data from the Nigerian Exchange. The Insurance sector gained 0.7%, followed by a 0.5% jump in Oil & Gas and 0.2% in banking indices. However, the Consumer Goods lost 0.3% while the Industrial Goods index closed flat. #NGX Climbs Sharply as MTNN, Banking Stocks Gain