NGX Jumps by N102bn over Heavy Bargain Hunting
The Nigerian Exchange (NGX) equities segment saw a significant gain of more than N102 billion amidst heavy bargain hunting that followed a spike in headline inflation.
Equities investors’ response to accelerating inflation rate was faster as the need to hedge against exposure to naira asset top discussions across the Broadstreet.
The bullish run pushed key performance indicators upward. Market data shows that year-to-date return surged while NGX All share index gained strongly.
Specifically, data from the local bourse show that return inched to +2.28%, as investors’ wealth was up by ₦102 billion. The All-Share Index jerked up 188.04 basis points, representing an increase of +0.36% to close at 52,419.33 points.
Stockbrokers reported that market activities were mixed, as the total volume traded for the day reduced by -7.91%, while the total value traded for the day grew by +21.25%.
In a market brief, Atlass Portfolios Limited told investors that approximately 576.85 million units valued at ₦6,789.55 million were transacted in 6.143 deals.
Tier 1 lender, UBA, was the most traded stock in terms of volume, accounting for 16.35% of the total volume of trades.
The Pan African bank was followed by TRANSCORP (14.98%), ACCESSCORP (10.82%), ZENITHBANK (9.95%), and FBNH (8.22%) to complete the top 5 on the volume chart.
Meanwhile, ZENITHBANK was the most traded stock in value terms, with 20.68% of the total value of trades on the exchange.
NB topped the advancers’ chart with a price appreciation of 9.97 percent, trailed by FTNCOCOA (9.68%), SOVRENINS (9.52%), CORNERST (+8.82%), TRANSCORP (+7.75%), and twenty-one others.
Nineteen stocks depreciated, where CWG was the top loser, with a price depreciation of -9.63% to close at ₦1.69. COURTVILLE (-6.52%), ARDOVA (-6.06%), GLAXOSMITH (-4.41%), and ROYALEX (-4.00%) also dipped in price.
Trading records from the local exchange show that the market breadth closed positive, recording 26 gainers and 19 losers, as sector performance closed positive.
Four of the five major market sectors were up, led by the Insurance sector (+3.19%), followed by the Banking sector (+1.10%), the Consumer goods sector (+1.10%), and the Industrial sector (+0.06%).
The Oil & Gas sector dropped by -0.72%. Overall, the equities market capitalisation advanced by ₦102.38 billion, representing a growth of +0.36% to close at ₦28,542.64 trillion from ₦28,440.26 trillion the previous day. #NGX Jumps by N102bn over Heavy Bargain Hunting
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