NGX Index Surges as Banking, Industrial Stocks Rally
The Nigerian Exchange (NGX) All-Share Index (ASI) surged 57 basis points on Tuesday, driven by buying interest in banking, industrial, and oil & gas stocks.
The local bourse closed trading today in positive territory, with key market performance indicators up 0.57%. With the Industrial goods sector at the forefront, the rebound, which interrupted the bearish trend, was driven by fresh bargain hunting in medium- and large-scale stocks.
Even as decliners exceeded gainers, stocks such as ZENITHBANK, BUACEMENT, FIRSTHOLDCO, UBA, and others, recorded notable price appreciation.
Hence, the market index added 1,430.59 basis points in today’s trading session, reflecting a 0.57% increase to close at 251,635.42. Also, market capitalisation gained ₦916.89 billion to close at ₦161.28 trillion.
Trading activity was down today, as the total volume and the total value of all trades declined by 12.06% and 13.22%, respectively. Approximately 703.95 million units valued at ₦32,148.54 million were transacted across 64,539 deals.
ACCESSCORP topped volume drivers, accounting for 12.60% of units traded, followed by LINKASSURE (6.59%), STERLINGNG (6.40%), NSLTECH (4.99%), and ZENITHBANK with 4.33%. In terms of value traded, ZENITHBANK accounted for 12.46% of total trade, making it the most traded on the exchange.
Meanwhile, on the best performers’ chart, FTNCOCOA led with a gain of +10.00%, followed by ZICHIS (+9.97%), SKYAVN (+9.79%), CAVERTON (+9.76%), JAPAULGOLD (+9.73%), LEARNAFRCA (+9.68%), and 20 others.
A total of thirty-three stocks depreciated. With a price depreciation of -10.00%, UNILEVER topped the worst performers’ chart, followed by TRANSEXPR (-9.92%), SOVRENINS (-9.81%), MCNICHOLS (-9.26%), AUSTINLAZ (-7.28%), and ROYALEX (-6.00%).
Hence, the market breadth closed on a negative note, with 26 gainers and 33 losers. Sectoral performance was positive today as three of the five major market sectors increased.
The Industrial goods sector gained +2.27%, followed by the Banking sector (+0.98%), and the Oil & Gas sector (+0.11%). The Insurance and Consumer goods sectors declined by -1.64% and -0.93%, respectively. T+1 Settlement Cycle Takes Off June 1 – SEC
