NGX Inches Higher Amid Q1 Earnings Season
The Nigerian Exchange (NGX) inches higher again midweek amidst the first quarter of the financial year 2022 earnings season with investors taking positions in value or growth stocks across the segments.
For the twelve consecutive trading sessions, key performance or market indicators inched upward, albeit, marginally by 0.01 per cent.
Today’s gain was impacted by the investors’ positive sentiment in some bellwether stocks such as PRESCO, FLOURMILL, BUACEMNT and 15 others, according to stockbrokers at Atlass Portfolios Limited.
As a result, the Nigerian Exchange All-Share Index rose by 8.18 basis points representing a 0.01 per cent growth, closed at 48,571.75, nudging year to date return higher to 13.71%.
The equity market capitalisation gained ₦1.72 billion, a moderate jump representing an increase of 0.01 per cent to close at ₦26.19 trillion.
Meanwhile, the market activities were bearish, as the Total Volume and Value plummeted by 44.92 per cent and 66.89 per cent, respectively. About 246.70 million units valued at ₦2.32 billion were transacted in 5,033 deals, Atlass Portfolios said in its market report.
MULTIVERSE emerged as the most traded stock in terms of volume, accounting for 14.69 per cent of the total volume of trades.
The company’s stock was followed closely by TRANSCORP (10.56%), WAPCO (5.89%), FIDELITYBK (5.09%), and GTCO (4.98%) to complete the top five on the volume chart.
WAPCO appeared as the most traded stock in value terms, with 16.92 per cent of the total value of trades on the exchange, according to market data cited by traders. ACADEMY topped the advancers’ chart with a price appreciation of 9.92 per cent.
The stock was followed closely by WEMABANK (9.88%), PRESCO (8.98%), GUINNESS (7.54%), DANGSUGAR (3.13%), FLOURMILL (1.69%), UBA (1.23%), BAUCEMENT (0.96%), STABIC (0.71%) and nine (9) others.
On the other hand, twenty-five (25) stocks depreciated, topped by IKEJAHOTEL with a price depreciation of 9.68 per cent to close at ₦1.40. READ: Nigerian T-Bills Yield Inches Higher Ahead of CBN Auction
ETERNA (-4.68%), OANDO (-4.00%), ZENITHBANK (-2.62%), FBNH (-2.07%), NB (-1.64%), GTOC (-1.24%), UNILEVER (-0.74%), ACCESSCORP (-0.51%) and ETI (-0.42%) also dipped in price.
Overall, the market breadth was negative, recording 18 gainers and 25 losers, while sectoral performance was negative. Data from NGX shows that three of the five sectors closed bearishly compared to the previous session.
This was led by Banking (1.46%), Insurance (0.85%) and Oil & Gas (0.72%), respectively. Meanwhile the Consumer and Industrial Goods spiked up by 0.68 per cent and 0.37 per cent, respectively.