NGX Expands by N267bn as Banking Stocks Rally
The size of the equities segment of the Nigerian Exchange (NGX), expanded further midweek as the banking sector recorded an increase in buying momentum, pushing year-to-date returns away from negative.
Consequently, key performance indicators rose following sustaining the market rally, indicating a fresh rally could be seen throughout the week after the exit trading pattern seen last week.
Market data showed that year-to-date return advanced to 1.65%, as investors’ wealth was up by ₦267 billion.
The market index –the Nigerian Exchange All-Share Index- surged by 491.13 basis points today, representing an increase of +0.95% to close at 52,097.62 points.
Stockbrokers said in their briefs that market activities were up, as the total volume and total value traded for the day surged by +209.85% and 120.04% respectively.
In its note to investors, Atlass Portfolios Limited stated that approximately 6,476.21 million units valued at ₦19,471.45 million were transacted in 5,109 deals.
TRANSCORP was the most traded stock in terms of volume, accounting for 76.21% of the total volume of trades.
The conglomerate which has seen large capital appreciation was followed by ALEX (7.63%), ACCESSCORP (4.10%), UBA (1.87%), and FIDELITYBK (1.51%) to complete the top 5 on the volume chart.
Meanwhile, TRANSCORP was also the most traded stock in value terms, with 45.94% of the total value of trades on the exchange.
LIVESTOCK and ACADEMY both topped the advancers’ chart with a price appreciation of 10 per cent, trailed by TOTAL (9.96%), CADBURY (9.80%), HONYFLOUR (+9.80%), and TRANSCORP (+9.67%), and thirty-four others.
Stock analysts noted that seven stocks depreciated. Giving back previous gains. FIDELITYBK was the top loser, with a price depreciation of -6.57% to close at ₦5.26.
The tier 2 bank was followed by FIDSON which lost 5.56%, LINKASSURE was down by 4.35%, MANSARD declined by 3.28% and JAIZBANK fell by 3.26%.
With the pattern, the market breadth closed largely positive, recording 40 gainers and 7 losers. However, the market sector performance closed negative.
Three of the five major market sectors were down, led by the Consumer goods sector, down by 0.13%. The index was trailed by the Oil & Gas sector which lost 0.12% while the Banking sector declined by 0.08%.
The Insurance and Industrial sectors advanced by +0.93% and +0.16% accordingly. Overall, the equities market capitalisation gained ₦267.42 billion, representing a rise of +0.95% to close at ₦28,367.34 trillion from ₦28,099.92 trillion yesterday.
# NGX Expands as Banking Stocks Rally Treasury Bills Yield Steadies as Naira Slides at Official FX Window
