NGX Gains N60bn as Alpha Seekers Position in Airtel
The equities segment of the Nigerian Exchange (NGX) popped higher by more than N60 billion despite a bearish trading record spanning four days in the just concluded week.
In the market, selloffs dominated 4 out of the 5 trading sessions, according to trading data. However, investors’ interest in Airtel Africa pushed market indices upward.
The market recorded selloffs on major tickers ahead of earnings season. Some, value hunters, and alpha seekers are taking positions in growth, value stocks.
A number of shares that rallied in the financial services sector have started to give up gain due to profit taking. Especially, MarketForces Africa reported that Tier-1 banks which saw a large uptrend have started seeing their popularity decline.
Consequently, the Nigerian Exchange All-share index (NGX-ASI) appreciated 0.2% to close at 55,930.57 points supported by the 42 basis points gain on Tuesday, according to Afrinvest Limited.
On weekly comparison, activity level faltered as average volume and value traded declined by 32.0% and 21.2% respectively to 439.3 million units and ₦9.2 billion, respectively.
At the end of the week, ETERNA topped the rank with 45% gained, followed closely by UNITYBNK with 44% price appreciation and FTNCOCOA jumped by 41%.
Meanwhile, RTBRISCOE lost 11% of its market valuation, COURTVILLE shed 10%, the same trend spotted in MULTIVERSE 10% decline in share price – leading the laggards’ chart for the week.
From a sectoral standpoint, the Insurance index pushed higher by 13.9%; recorded the most significant gain, followed by the Oil and Gas which popped up 3.4%, the Banking index surged by +1.1%, and Consumer Goods (+0.1%) indices.
On the flip side, the Industrial Goods (-1.3%) index declined. Overall, stock market capitalisation rose ₦60.1 billion to ₦30.5 trillion while year-to-date return improved to 9.1% from 8.9% in the previous week.
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