NGX Rebounds as Investors Position for Earnings Season
The Nigerian Exchange (NGX) rebounds Wednesday as equity investors’ position for the first half earnings season. Listed companies are expected to be releasing their financial statements for the second quarter starting from July/August 2021.
The expectation of positive scorecards could drive market rally as some dividend aristocrats are expected to declare interim dividends. This could spur a market rally as investors’ position for returns despite fixed income yields repricing worries that continue to ruffle stocks.
The market data shows that today’s rally lifted the NGX All-share index 0.04 per cent after shedding a combined 1.59 per cent in the last 4 trading sessions.
Driving the renewed positive sentiment on the bourse were price appreciation in medium and large capitalized stocks such as MTNN, FBNH, FIDELITYBK, PZ, UACN, TOTAL, LASACO, MBENEFIT and others as market breadth remained positive, with 19 gainers versus 12 laggards.
However, the volume of stocks traded on the exchange decreased marginally by 0.02 per cent compared to 11.40 per cent increase in the value of stocks traded.
A total of 197.23 million units of shares valued at N2.13 billion, were traded in 3,610 deals.
UBA led the volume chart, accounting for 18.22 per cent of the total volume of trades, followed by ACCESS (14.53%) ZENITH BANK (8.95%) UPDC (6.99%), and GTCO (5.26%) to complete the top five on the volume chart.
Also, ZENITH BANK led the value chart accounting for 19.85 per cent of the total value of trade on the exchange.
CAPHOTEL, NCR and UNITYBNK topped the gainers’ chart, with their share prices advancing by 10.00 per cent, 9.89 per cent, and 6.78 per cent, respectively.
While VETBANK led the losers’ table with its share price depreciating by 6.25 per cent to close at N3.60 after opening the day at N3.84.
NGX Rebounds as Investors Position for Earnings Season
