NGX Gains N78.1 Billion after 3-Day Losing Streaks
The Nigerian Exchange (NGX) gains N78.1 billion on Thursday after three days of losing streaks due to bargain hunting in BUA CEMENT share which gained +2.1%, ZENITH +1.3% and NIGERIAN BREWERIES gained +1.1%.
Buying interest spotted after past bearish outing lifted local bourse benchmark index (NGX-ASI) upward by 0.40% as market losses moderated.
NGX gets support from price appreciation in medium and large cap stocks such as Guaranty Trust Holdings Company (GTCO), FBNH, FCMB, ZENITH BANK, BUACEMENT MBENEFIT AND ETERNA, amongst others.
Consequently, stock market year to date loss moderated to -5.8% as market capitalisation printed at ₦19.8 trillion. Meanwhile, market breadth similarly turned positive with 20 gainers compared to 14 losers.
Today market activities ended with a total volume of shares traded declining by 19.65 per cent while the total value of trades increased by 14.17 per cent. A total of 176.40 million units of shares valued at N1.82 billion, were traded in 3,256 deals.
ZENITHBANK led the volume and value chart accounting for 8.31 percent and 18.05 percent respectively, as SOVERNINS (7.62%), UBA (7.03%), MBENEFIT (6.55%) and FBNH (5.29%) completely the top 5 on the volumes chart.
However, PORTPAINT, MBENEFIT and LEARNAFRICA topped the gainers’ chart, with their share prices appreciating by 10.00 percent, 10.00 percent and 3.96 percent, respectively.
While JULI led the losers’ table with its share price depreciating by 9.56 percent to close at N1.23 after opening the day at N1.36.
In a market report, Afrinvest said performance across sectors under its coverage was bullish as 4 indices gained, 1 lost while AFR-ICT index closed flat.
The Industrial Goods and Banking indices led gainers, up 0.9% and 0.6% respectively on the back of buying interest in BUACEMENT (+2.1%), FBNH (+1.4%) and ZENITH (+1.3%).
Similarly, the Oil & Gas and Consumer Goods indices Inched higher by 0.3% and 0.2% respectively following price appreciation in OANDO (+3.5%) and NIGERIAN BREWERIES (+1.1%).
Conversely, the Insurance index fell by 0.3% on the back of sell-offs in AIICO (-7.4%). Investors’ sentiment, as measured by market breadth strengthened to 1.4x from 0.5x recorded in the last trading session as 19 stocks advanced while 14 stocks declined.
PORTPAINT (+10.0%), MBENEFIT (+10.0%), and LEARNAFRCA (+4.0%) led gainers while JULI (-9.6%), AIICO (-7.4%), and CHAMS (-4.8%) led decliners.
“In the last trading session, we suspect that profit taking may dominate the local bourse”, Afrinvest said.
NGX Gains N781. Billion after 3-Day Losing Streaks
