NGX Rally on Sustained Buying Interest in Bellwether Stocks
The Nigerian Exchange (NGX) rally on sustained buying interest in bellwether stocks, closing the week positive after a mixed outing in the previous week. Market data shows that trading activities on the Nigerian Exchange closed on a positive note as positive sentiments ensured that the bourse retained its bullish status.
The benchmark index advanced by 0.46 percent to close at 38,726.10 points as market breath remained positive with 22 gainers and 10 losers. Today, market activities closed on a lower note with both volume and value of trades depreciating by 20.27 percent and 15.20 percent respectively.
NSE board statistics shows a total of 199.06 million units of shares valued at N1.59 billion were traded in 3,150 deals. SOVERNINS led the volume sheet with 15.97 percent as FCMB, FIDELITYBK, ROYALEX and REGALINS completed the top 5 volume sheet, while NB led the value sheet accounting for 17.89% of the shares traded.
MORISON, UPL and VERITASKAP led other gainers, grew their share prices by 9.71 percent, 9.09 percent and 9.09 percent respectively. While CWG led the losers chart for a second straight trading session with its share price depreciating by 9.47 percent to close at N1.53 after opening the day at N1.69.
Meanwhile, market sentiment remained positive as sentiments were driven by positive movement in large and medium cap stocks such as MTN, NB, GUARANTY, FCMB and DANGCEM.
Dissecting the sectoral performance showed that save the NGX Insurance sector which sank 0.56%, all 4 of 5 coverage sector under Chapel Hill Denham spurred gains for the day.
To shed more light, NGX Banking, NGX Oil & Gas, NGX Consumer goods, and NGX industrial sectors gained 0.33%, 0.06%, 0.04% and 1.00%, respectively, with the Industrial sector clearly leading the pack.
Notably, the 2.09% uptick in DANGCEM drove gains in the industrial sector. In the Banking space, increases in Tier-1 banking stocks such as GUARANTY (+0.88%), FBNH (+1.40%) and Tier-2 banking names including ETI (+2.00%), FCMB (+4.76%) and FIDELITY (+0.89%) anchored the northward trend.
Also, buying interest in HONYFLOUR (+6.03%) and NB (+0.08%) drove gains in the Consumer Goods sector. In the Oil and Gas space, a 2.63% increase in ETERNA, spurred the uptick in the sector.
At the close of business today, MORISON (+9.71% to N1.13), UPL (+9.09% to N1.68), and VERITASKAP (+9.09% to N0.24) emerged as today’s top gaining stocks. On the other hand, CWG (-9.47% to N1.53), REGALINS (-9.09% to N0.50), and ROYALEX (-7.69% to N0.72) topped the loser’s chart.
Contrary to the benchmark index, market’s activity was broadly bearish, with the total volume shedding 20.28% to 199mn, valued at N1.590 billion (-15.21%). Today’s most traded stocks by volume were SOVRENINS (31.8mn units), FCMB (28.3mn units), and ROYALEX (10.8mn units).
On the other hand, the top traded stocks by value were NB (N284.6mn), DANGCEM (N280.8mn) and SEPLAT (N242.2mn). Elsewhere, the Chapel Hill Denham’s Paramount Equity Fund (PEF) and the Women Investment Fund (WIF) gained 25bps and 29bps respectively.
NGX Rally on Sustained Buying Interest in Bellwether Stocks
