NGX Inches Higher by N99bn as Stocks Rally

NGX Inches Higher by N99bn as Stocks Rally

The Nigerian Exchange (NGX) opened positive on Monday as buying interest in large, mid and small cap stocks pushed local bourse key indices upward. The market kicked off with bargain hunting in MTNN and others.

Due to improved buying interest across counters, investors’ wealth was up by ₦99 billion.

Consequently, the market year-to-date returns jerked up to 2.18%.  The market index (All-Share Index) added 181.20 basis points today, representing an increase of +0.35% to close at 52,369.13.

The equities market capitalization pushed higher by ₦99.46 billion, representing a growth of +0.35% to close at ₦28,516.11 trillion from ₦28,416.65 trillion last Friday.

However, market activities were down, as the total volume and total value traded for the day reduced by -61.07% and -50.79% accordingly.

In its market brief, Atlass Portfolios Limited said approximately 315.67 million units valued at ₦4,033.59 million were transacted in 5,855 deals.

ZENITHBANK was the most traded stock in terms of volume, accounting for 16.93% of the total volume of trades, followed by ACCESSCORP (15.22%), UBA (9.86%), MANSARD (7.46%), and GTCO (6.37%) to complete the top 5 on the volume chart.

Similarly, ZENITHBANK was also the most traded stock in value terms, with 34.25% of the total value of trades on the exchange.

IKEJAHOTEL topped the advancers’ chart with a price appreciation of 9.85 percent, trailed by ACADEMY (9.80%), PRESTIGE (9.76%), NPFMCRFBK (+9.71%), CILEASING (+9.69%), and twenty-six others. MTNN gained +0.9%.

Fifteen stocks depreciated, where NCR was the top loser, with a price depreciation of -9.71% to close at ₦2.79, as SOVRENINS (- 8.89%), NEIMETH (-7.33%), ARDOVA (-6.95%), and ROYALEX (-5.77%) also dipped in price.

Then, the market breadth closed positive, recording 31 gainers and 15 losers while the market sector performance closed positive.

Four out of the five major market sectors were up, led by the Insurance sector (+1.34%), followed by the Banking sector (+0.89%), the Consumer goods sector (+0.39%), and the Industrial sector (+0.01%), while the Oil & Gas sector dropped by -0.64%.

#NGX Inches Higher by N99bn as Stocks Rally Naira Steadies as Banks Issue Update on FX Purchase