NGX Halts Profit-takings as Dangote, Zenith Rally
The equities segment of the Nigerian Exchange (NGX) halted days of loss-making streaks that follow investors’ weak buying sentiments. Thus, market capitalisation increased by a total sum of N261 billion to N29.2 billion.
Halting four days downturn, the Nigerian stock market’s heavyweights like Dangote Cement, GTCO, and Zenith Bank reported gains over improved expectations amidst earnings releases.
There have been profit-taking activities on stocks in the market mover category as investors begin to rebalance their respective portfolios.
At the end of Wednesday’s trade, the domestic bourse All Share Index (ASI) inched higher by 0.90% to close at 53,603.80 points amid improved investor risk appetite, stockbrokers said.
Hence, the year-to-date gain of the NGX ASI rose to 4.59%.
In addition, the Exchange printed 22 gainers against 14 losers as we saw positive reactions to OANDO, PZ Cussons, and Zenith Bank Plc earnings and dividend releases.
Despite a large loss reported in its financial statement for 2020, OANDO’s share price increased by 9.84%. PZ gained 4.39% and Zenith Bank’s share appreciated by 2.8%.
Particularly, stockbrokers at Cowry Asset spotted that buying interest on tickers such as TRANSCORP, DANGCEM, and WAPCO lifted their respective share prices higher by 7.14%, 5.07%, and 1.98%.
Of the five tracked indices, three closed in the green, with the exception of the NGX Insurance index, which declined by 0.76%, and the NGX Oil/ Gas index, which was flat.
The NGX Banking, NGX Consumer Goods, and NGX Industrial indexes advanced by 1.97%, 0.12%, and 2.69%, respectively. In the broad and narrow markets, the NGX Premium, NGX Mainboard, and NGX-30 indexes increased by 190 bps, 18 bps, and 102 bps, respectively.
Meanwhile, trading activity improved, with total deals, volume, and value increasing by 27.19%, 16.38%, and 58.74%, respectively, to 3,906 trades, 236.07 million units, and N3.26 billion.
In terms of volume, TRANSCORP was the most active stock, with 91.39 million shares worth N134.24 million changing hands in 264 deals. #NGX Halts Profit-takings as Dangote, Zenith Rally
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