NGX Gains N320bln as Dangote, Airtel Prices Jump
The Nigerian Exchange (NGX) gains about N320 billion, inched near N26 trillion capitalisation midweek after the market movers stocks -Dangote Cement and Airtel Africa-record gains following a fresh investment positioning.
The two companies’ stocks volatility has reduced significantly, causing their respective prices to be stable over a long time after share buybacks. Today’s performance sustained the ongoing bullish sentiment as the market indicators surged by 1.25 percent. Thus, year to date returns inched up ahead as the first-quarter earnings season berths.
Data from the Nigerian Exchange shows that 25 other companies’ stocks recorded positive trading records which lifted their prices as well. Consequent to the portfolio build-ups, the NGX All-Share Index rose by 592.85 basis points representing a 1.25 percent growth, closed at 48,138.71.
Overall, the equity market capitalisation jumped higher by ₦319.61 billion, representing an uptrend of 1.25 percent to close at ₦25.95 trillion. However, the market activities were bearish, as the total volume and value tanked by 4.35 percent and 47.94 percent, respectively.
Atlass Portfolios Limited said in a market note that approximately 349.56 million units valued at ₦3.70 billion were transacted in 4,587 deals. Today, UNIVINSURE emerged as the most traded stock in terms of volume, accounting for 21.11 percent of the total volume of trades.
The insurance stock was followed closely by ZENITH BANK (6.84%), FIDELITYBK (5.99%), UBA (5.80%), and MBENEFIT (4.73%) to complete the top five on the volume chart. READ: T-Bills Rate Inched Higher as Fixed Income Market Stays Quiet
On NGX, MTNN appeared as the most traded stock in value terms, with 17.02 percent of the total value of trades on the exchange. ETERNA & JAPAULGOLD topped the advancers’ chart with a maximum price appreciation of 10.00 percent.
These companies were trailed by GUINNESS (9.96%), NB (8.60%), AIRTELAFRI (4.73%), SEPLAT (4.57%), OKOMUOIL (2.60%), DANGCEM (1.93%), FLOURMILL (1.47%), ETI (0.84%), WEMABANK (0.65%) and seventeen (17) others.
Market data shows that twenty-one (21) stocks depreciated, led by UNIONDICON with a price decline of 9.60 percent to close at ₦1.30.
CUTIX (-7.00%), UNILEVER (-4.31%), ZENITHBANK (-3.42%), GTCO (-3.27%), JBERGER (-1.46%), FIDELITYBK (-1.28%), UCAP (-0.74%) and ACCESSCORP (-0.52%) also dipped in price, according to Atlass Portfolios. Following the trading line, the market breadth was positive, recording 28 gainers and 21 losers while sectoral performance was also positive.
Three of the five major sectors closed bullishly compared to the previous session, led by Oil & Gas (2.98%), Consumer Goods (2.06%) and Industrial Goods (0.98%). Meanwhile, the Banking and Insurance sectors dipped by 2.45 percent and 0.26 percent, respectively. #NGX Gains N320bln as Dangote, Airtel Prices Jump
