NGX Puffs Up on Bargain Hunting in Airtel, BUA
The Nigerian Exchange (NGX) puffs up on Thursday over bargain hunting in Airtel Africa shares, Nigerian Breweries while BUA Cement consolidates on the previous day’s gain.
Stock market sustains its positive momentum following bargain hunting in ticker: AIRTELAFRI which gained 6.3% after its previous losing streak in shares of BUA Foods also gained 6.1% after yesterday’s rally.
Overall, gains in stock market heavyweights pushed key performance indicators higher amidst rising inflation, interest rates and a moderately growing economy.
Thus, the Nigerian Exchange All-Share Index advanced by 0.8% to close at 46,604.94 points while the year to date inched higher to 9.1%, though still at distance away from average inflation rate in Nigeria.
The total volume of trades declined by 26.2% to 136.00 million units, valued at N2.17 billion, and exchanged in 3,434 deals, according to trading data from the Nigerian Exchange.
STERLNBANK was the most traded stock by volume at 24.25 million units, while AIRTELAFRI was the most traded stock by value at N791.28 million.
As measured by market breadth, market sentiment was negative, as 23 tickers lost relative to 14 gainers, stockbrokers said in their respective market reports. READ: Nigerian Exchange Ends Negative as Investors Book Profit
NESTLE share price fell by 10.0% and REDSTAREX also lost 10.0% – both topped the losers’ chart, while MANSARD gained 8.6% and NB popped higher by 6.8% – making it to the list of highest gainers for the day.
More so, the sectoral performance was negative, with all five indices closing weak.
Trading data show that the Banking index fell by 1.37% over selloffs. A similar scenario played out in the insurance segment which recorded a 0.12% slowdown. NGX Consumer index declined by 0.42% while NGX Oil & Gas lost 1.86%.
NGX Industrial index nosedived by 0.38% as overall activity in the market was downbeat as total deals and volume decreased by 0.69% and 26.24%, respectively, to 3,434 trades and 138.60 million units.
At the close of the trading session, market capitalisation appreciated by ₦202.93 billion, representing a growth of +0.81% to close at ₦25,384.46 trillion from ₦25,181.53 trillion the previous day. # NGX Puffs Up on Bargain Hunting in Airtel, BUA