NGX Pops N195bn as Earnings Releases Boost Sentiment
The Nigerian Exchange (NGX) gained more than N195 billion as corporate earnings releases boosted equities investors buying sentiment. Consequently, the performance of the Nigerian bourse improved 0.72% above the previous record in the just concluded week after selling rallies.
Stock market data indicates that year-to-date return inched upward to 18.4% as turnover increased in the week. Trading data from the local bourse showed there were increased buy demands seen during the week on Japaul Gold, Honeywell Flour Mills, United Capital, PZ Cussons, Zenith Bank and MTN Nigeria Plc.
Data from the Stock screen showed that JAPAULGOLD’s share price was 48% above its previous position. HONYFLOUR share price inched upward by 36% while UCAP jumped 21% – a recovery mode after selloffs pressure on the ticker.
PZ Cussons gained 20.6% followed by a 16.2% gain in Jaiz Bank Plc. ZENITH BANK surged 16% while MTN Nigeria Plc’s share price which is in recovery mode rose by 13%. READ: NSE to Remain Positive amid Tier-1 Banks Earnings Releases
Activity level in the market waned as average volume and value traded shed21.3% and15.8% week on week to 141.1 million units and N3.1 billion respectively. Based on trading data, total deals for the week dipped by 9.94% to 21,494 from 23,867 in the prior week.
Stock market segmental performance was mixed as NGX Insurance declined by 0.37%, Industrial index dropped off 5.76%. On the flip side, NGX Banking gained by 3.18% followed closely by a 3% surge in NGX Consumer Goods while Oil and Gas popped by 0.60% week on week.
Elsewhere, the level of trading activity during the week was downbeat as the total traded volume and value decreased by 54.34% and 31.07% week on week to 705.64 million units valued at N11.23 billion. #NGX Pops N195bn as Earnings Releases Boost Sentiment
