NGX Edged Higher as Investors Sentiment Improved

NGX Edged Higher as Investors Sentiment Improved

The Nigerian Exchange, NGX, edged higher N26.28 billion on Thursday as investors sentiment improved. Market data shows the local bourse inched up by 0.13 per cent, sustaining the previous day’s positive performance as bargain hunting intensified driving the Bull Run.

The positive sentiments on the exchange were driven by price appreciation in GUARANTY, UBA, FCMB, NB, and ZENITHBANK.

The market recorded 19 gainers compared to11 losers as market breadth closed positive. As a result, the NGX-ASI grew by 50.40 basis points to close at 38,615.10 points, while the market capitalization gained N26.28 billion to close at N20.13 trillion.

NGX Edged Higher as Investors Sentiment Improved
NGX Edged Higher as Investors Sentiment Improved

The day’s market activities ended with volume and value of trades declining by 47.00 per cent and 50.34 per cent respectively. A total of 160.43 million units of shares valued at N1.39 billion were traded in 3,260 deals.

Meanwhile, WEMABANK led the volume chart with 16.97 percent followed by MBENEFIT (13.11%), ZENITHBANK (10.13%), STERLNBK (7.66%) and FBNH (4.93%).

The value chart was led by ZENITH BANK, accounting for 27.36% of the shares traded on the bourse. CHAMPION, WAPIC and LASCO topped the gainers’ list, with their share prices appreciating by 10.00 per cent, 9.43 per cent and 7.91 per cent respectively.

However, CHIPLC led the laggards with its share price depreciating by 8.96 percent to close at N0.61 after opening the day at N0.67

Mixed Sector Performance

Afrinvest said performance across sectors under its coverage recorded mixed outing as 3 indices gained, 1 lost, and 2 closed flat. The Insurance index led gainers, up 1.0% amid buy interest in WAPIC (+9.4%) and LASACO (+7.9%).

Similarly, the Banking and Consumer Goods indices rose by 0.8% and 0.2% respectively following price appreciation in GUARANTY (+1.8%) and NIGERIAN BREWERIES (+1.2%). Conversely, the Industrial Goods index declined by 2bps due to sell-off on WAPCO (-0.5%). On the other hand, the Oil & Gas and AFR-ICT indices closed flat.

Investors Sentiment Improved

Investors sentiment, as measured by market breadth strengthened to 2.3x from 1.3x recorded in the last trading session. CHAMPION (+10.0%), WAPIC (+9.4%), and LASACO (+7.9%) led gainers while CHIPLC (-9.0%), UNITYBANK (-3.5%), and STERLING (-1.9%) led decliners.

“We expect the market to sustain a positive trend in tomorrow’s trading session”, Afrinvest said.

NGX Edged Higher as Investors Sentiment Improved

Previous articleIMF Sees Nigeria’s GDP Growing, Flags Elevated Unemployment, Inflation Rate
Next articleFitch Makes Upward Revision to Oil Projection as Demand Rebounds
MarketForces Africa, a Financial News Media Platform for Strategic Opinions about Economic Policies, Strategy & Corporate Analysis from today's Leading Professionals, Equity Analysts, Research Experts, Industrialists and, Entrepreneurs on the Risk and Opportunities Surrounding Industry Shaping Businesses and Ideas.