NGX Grows by N120bn as Investors Take Huge Bets on Stocks
The Nigerian Exchange (NGX) grew by about N120 billion on Tuesday as equities investors take huge bets on growth, value stocks on the trading platform amidst earnings festival in the market.
Stockbrokers said in their separate notes that the stock market closed today’s trading on a positive note with improvement seen in key performance indicators, up by 20 basis points or 0.20%.
Year to date advanced due to buying momentum and the market index or All-Share Index gained 197.78 basis points to close at 98,694.80.
The local market extended its positive streak, driven by bargain hunting in medium and large Cap stocks such as UACN, GTCO, OANDO, and others.
Nonetheless, market activities were mixed, as the total volume traded increased by 45.92%, while the total value dropped by 9.88%, according to data from the local bourse.
In its market update, Atlass Portfolios Limited told investors that approximately 591.01 million units valued at ₦24,844.81 million were transacted across 6,987 deals.
CHAMPION was the most traded stock in terms of volume, accounting for 43.20% of the total volume of traded in the equities market. Other volume drivers in the market include JAPAULGOLD (18.42%), UBA (7.61%), FCMB (3.24%), and CILEASING (2.86%).
SEPLAT emerged as the most traded stock in value terms, accounting for 78.41% of the total value of trades conducted on the exchange on Tuesday.
TRANSCOHOT topped the advancers’ chart for today with a price appreciation of 9.28 percent, trailed by WAPIC. Data showed that WAPIC rose by +9.09% while UPDC gained +6.90%.
Other gainers include UNIVINSURE (+5.88%), ABCTRANS (+4.65%), UACN (+3.96%) and seventeen others.
Despite the bargain hunting, fifteen stocks depreciated on the Nigerian Exchange. JOHNHOLT was the top loser, with a price depreciation of -9.84%. Other decliners include TANTALIZER (-9.84%), DANGSUGAR (-8.82%), REGALINS (-7.14%), HONYFLOUR (-5.81%), and SEPLAT (-0.67%).
Toda, the market breadth closed positive, recording 23 gainers and 15 losers. However, sectoral performance in the market was mixed, with two of the five major sectors recording losses.
The Consumer goods and Oil & Gas sectors dropped by 0.70% and 0.62% respectively. On the other hand, the Insurance and Banking sectors posted gains of 1.22% and 0.91% respectively, while the Industrial sector closed flat.
Overall, the equities market capitalisation of the Nigerian Exchange gained ₦119.95 billion to close at ₦59.92 trillion on Tuesday as investors raised bets. # NGX Grows by N120bn as Investors Take Huge Bets on Stocks
