NGX Gains N44bn as Banking, Telco Stocks Rally

The equities segment of the Nigerian Exchange (NGX) gained more than N44 billion on Thursday over positive price movement in Airtel Africa.

As a result, key performance indicators grew by +0.11% as the banking index supported the strong daily rally.  Consolidating on the gain reported yesterday, AIRTELAFRI, GTCO, FBNH, and others, kept the bourse in the green. The bullish sentiment lifted market return.

Staying far ahead of an annual inflation rate of 27.33%, the market year-to-date return advanced to 39.25%, although the market breadth was negative. Nigeria Eurobond Slumps after CBN Resumes OMO Auction

According to Atlass Portfolios Limited, the market index or All-Share Index increased by 80.69 basis points today.  This translates to a +0.11% surge as market index closed at 71,365.25 amidst a prediction that the local bourse would hit N40 trillion in 2023.

Trading record indicates that activities in the market improved. Data from the Nigerian Exchange showed that total volume and total value traded increased by +49.78% and +54.95% respectively.

Approximately 540.09 million units valued at ₦10,243.21 million were transacted in 6,516 deals, Atlass Portfolios Limited said in an update sent to investors.  GTCO was the most traded stock in terms of volume, accounting for 12.53% of the total volume of trades.

The financial services group was followed by UNIVINSURE (10.58%), CONHALLPLC (8.59%), TRANSCORP (7.97%), and FBNH (6.72%) to complete the top 5 on the volume chart.

As expected, GTCO was also the most traded stock in value terms, with 25.53% of the total value of trades on the exchange.

NNFM topped the advancers’ chart for today with a price appreciation of 10.00 per cent. The stock was trailed by THOMASWY (9.62%), MECURE (+9.09%), CHAMPION (+7.69%), ETI (+6.25%), and nineteen others.

Thirty-two stocks depreciated, according to stockbrokers. NSLTECH was the top loser, with a price depreciation of -9.72%.  Also leading the loser chart are UNITYBNK (-9.68%), NEIMETH (-6.59%), NASCON (-5.44%), ETERNA (-5.15%), and ZENITHBANK (-2.71%).

Based on the trading pattern, the market breadth closed negative, recording 24 gainers and 32 losers.  Stockbrokers said nonetheless, the market sector performance was negative, as four of the five major market sectors closed in red.

The Insurance sector dropped by 0.83% followed by a 0.41% daily loss in the Banking sector. The Consumer goods sector by fell by 0.32%, and the Oil & Gas sector dropped by 0.14%.  The industrial sector grew by +0.07%.

Overall, equities market capitalisation gained ₦44.16 billion to close at ₦39.05 trillion from ₦39.01 trillion yesterday.