NGX Nears N160trn on New Shares Listing, Banks Stocks Rally
The Nigerian Exchange (NGX) market capitalisation inched near the N160 trillion mark on Thursday as financial stocks rallied following sell pressures during the midweek session.
The local bourse closed trading for the day on a bullish note, as key performance indicators showed mixed outcomes. The All-share index (ASI) increased by +0.98%, while equities market capitalisation climbed by +1.00%.
The mixed performances of these indicators were attributed to the additional listing of 12,320,000,000 Ordinary Shares of 50 Kobo Each Arising from Linkage Assurance Plc’s Rights Issue of 12,320,000,000 Ordinary Shares of 50 Kobo each at N1.32 Per Share.
Today, the market index added 2,413.03 basis points to close at 247,831.40. Likewise, stock market capitalisation increased by ₦1,575.30 billion, representing a growth of 1.00%, settling at ₦159.89 trillion.
The market rebound, led by the Banking sector, offset the losses from the previous session, as renewed bargain hunting in mid-cap and blue-chip stocks lifted the market.
However, the total volume of trades and the total value of stocks traded declined by -37.54% and -52.36%, respectively. Stockbrokers reported that approximately 782.35 million units valued at ₦56,301.67 million were transacted across 46,273 deals.
FIRSTHOLDCO topped volume drivers, accounting for 13.65% of units traded in the local bourse, followed by ACCESSCORP (11.87%), VFDGROUP (11.86%), GTCO (9.56%), and DANGSUGAR with 4.05%.
Also, FIRSTHOLDCO topped the value chart, accounting for 22.21% of all transaction value executed in the market.
GUINNESS and ZICHIS topped the gainers chart, up by +10.00% each, trailed by ACCESSCORP (+9.98%), FIRSTHOLDCO (+9.91%), CWG (+8.50%), MANSARD (+8.30%), CADBURY (+7.66%), and twenty-eight others.
Market analysts said a total of twenty-seven stocks depreciated. With a price depreciation of -9.96%, MECURE topped the worst performers’ chart, followed by FTNCOCOA (-9.16%), OMATEK (-7.89%), AFRIPRUD (-4.44%), CORNERST (-4.35%), and RTBRISCOE (-4.31%).
Hence, the market breadth closed on a positive note, as there were 35 gainers and 27 losers.
Sectoral performance was positive today as all five major market sectors increased. The Banking sector led by +3.92%, followed by the Industrial goods sector (+1.27%), the Insurance sector (+0.75%), the Consumer Goods sector (+0.63%), and the Oil & Gas sector (+0.04%). Money Market Liquidity Dips as CBN Debits Banks for CRR
