NGX Gains N85bn as Investors Park Cash in Banking Stocks
As equities investors continue to grow, the equities market capitalisation of the Nigerian Exchange (NGX) inched near N40 trillion market, having been trading at its all-time high against peers in the emerging market.
Driving the momentum is the sustained interest in banking sectors and other growth-attractive indices in the local bourse amidst an effort to reflate the nation’s economic performance.
In its market update, Atlass Portfolios Limited told investors that the market closed transaction positive for the fifth consecutive trading day, a development that lifted performance indicators further by 0.22%.
Stockbrokers attributed the surge seen on Thursday to an increased buying interest in some major market sectors, led by the banking sector, which grew by +1.90%.
Consequently, the market year-to-date return surged to 41.37%, as investors’ wealth expanded by more than ₦85 billion. The market index or the Nigerian Exchange All-Share Index increased by 156.04 basis points today, representing a rise of +0.22% to close at 72,455.83.
However, market activities were mixed, as the total volume traded grew by +3.09%, while the total value traded dropped by -10.16%, data from the domestic bourse showed.
Citing data from the Nigerian Exchange website, stockbrokers said approximately 446.58 million units valued at ₦7,255.70 million were transacted in 6,845 deals.
ACCESSCORP was the most traded stock in terms of volume, accounting for 17.43% of the total volume of trades. Nigeria’s largest commercial bank was followed by FCMB (10.21%), ZENITH BANK (8.41%), UBA (6.61%), and FIDELITYBK (6.21%) to complete the top 5 on the volume chart.
As expected, ACCESSCORP was the most traded stock in value terms, with 24.25% of the total value of trades on the exchange. INFINITY topped the advancers’ chart with a price appreciation of 9.83 per cent. The company was trailed by JOHNHOLT (9.73%), IKEJAHOTEL (+9.20%), DAARCOMM (+7.69%), ETRANSACT (+7.69%), and twenty-one others.
Twenty-six stocks depreciated, according to data from the Nigerian Exchange. RTBRISCOE was the top loser, with a price depreciation of -9.84%, as OMATEK (-7.79%), JAPAULGOLD (-4.85%), CORNERST (-4.14%), JAIZBANK (-3.85%), and FTNCOCOA (-2.58%).
Based on the trading pattern, the market breadth closed par, recording 26 gainers and 26 losers. Also, the market sector performance was positive, as four of the five major market sectors were up, led by the Banking sector which grew by (+1.90%), followed by the Oil & Gas and Industrial sectors which grew by (+0.02%).
The Consumer goods sector gained +0.01%, while the Insurance sector was down by -1.94%. Overall, the equities market capitalisation of the Nigerian Exchange surged by ₦85.38 billion to close at ₦39.65 trillion from ₦39.56 trillion from the previous day. #NGX Gains N85bn as Investors Park Cash in Banking Stocks Nigeria Eurobond Slumps after CBN Resumes OMO Auction
