NGX Gains N48bn as Equity Investors Take Positions
The Nigerian Exchange (NGX) gains more than N48 billion on Tuesday after losing streaks that plunge the local bourse downward. Ahead of the first-quarter earnings season, it appears equity investors will start taking positions in value stocks.
Today, bargain-hunting in the Banking and Oil & Gas sectors drives upward movement in stocks prices, financial service sector had suffered a large price down in the past trading sessions.
As a result, the Nigerian Exchange All-Share Index rose by 89.52 basis points representing a 0.19 per cent growth, to close at 46,777.37 points. READ: Stocks Rally as Inflation Slowdown Drives Buying Interest
Overall, equity market capitalisation inched higher by ₦48.26 billion to close at ₦25.22 trillion. Similarly, the market activities were bullish, as the total volume and value surged by 17.27 per cent and 21.32 per cent, respectively.
Atlass Portfolios Limited said in a report that about 257.41 million units valued at ₦2.34 billion were transacted in 4,410 deals. FIDELITYBK top the position as the most traded stock in terms of volume, accounting for 26.20 per cent of the total volume of trades.
The bank was followed closely by TRANSCORP (15.88%), WAPIC (7.12%), GTCO (5.93%) and ACCESSCORP (5.63%) to complete the top five on the volume chart. Today, GTCO emerged as the most traded stock in value terms, with 34.57 per cent of the total value of trades on the exchange.
MEYER topped the advancers’ chart with a price appreciation of 8.86 percent, trailed by MEYER (9.72%), ZENITHBANK (3.41%), GTCO (2.52%), SEPLAT (2.15%), ACCESSCORP (1.56%), UBA (1.33%), OANDO (1.25%), FIDSON (0.25%) and nine (9) others.
On the flip side, twenty (20) stocks depreciated, led by NPFMCRFBK with a price decline of 9.64 per cent to close at ₦2.25.
Also on decliner chart are: NASCON (-5.43%), HONYFLOUR (-4.79%), UACN (-2.99%), FLOURMILL (-1.61%), GUINNESS (-1.51%), WAPCO (-0.91%) and NGXGROUP (-0.21%). Meanwhile, the market breadth was negative, recording 19 gainers and 20 losers and sectoral performance were negative.
Market data shows that three of the five major sectors closed negative compared to the previous session, led by Insurance (-0.93%), Consumer Goods (-0.34%), and Industrial Goods (-0.05%), respectively. The banking and Oil & Gas sectors rose by 1.73% and 1.42%, respectively, according to stock traders.
#NGX Gains N48bn as Equity Investors Take Positions
